A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on November 20, 2007. The meeting chaired by Mr. Artur Rasizadeh, Prime Minister and Chairman of the Supervisory Board discussed the SOFAZ draft budget for 2008, the amendments to be made to the 2007 budget of the Fund, as well as the amendments to be made to the regulation of the Supervisory Board.

The Board approved the Fund's 2008 budget revenues at AZN 3 609 361, 0 thousand, its expenditures at AZN 1 680 853, 6 thousand and the Fund's operating expenditures at AZN 9 751, 6 thousand. Having endorsed the Fund's 2008 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures, the Supervisory Board recommended the budget for the approval by President of the Republic of Azerbaijan.

The amendment to be made to the regulation of the Supervisory Board was approved at the meeting. It was decided to select the chairman of the Supervisory Board at the first meeting of every next year in accordance with this amendment.

Prime Minister Artur Rasizadeh was re-elected as the Supervisory Board's Chairman-in-office.