A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on June 27, 2008. The meeting chaired by Mr. Artur Rasizadeh, Prime Minister and Chairman of the Supervisory Board discussed the Fund's annual report and audited financial statements for the year of 2007, a report on execution of the 2007 budget, as well as the amendments to be made to the 2008 budget of the Fund.

The Supervisory Board approved the SOFAZ's 2007 annual report and Auditor's (Deloitte & Touche) Report as submitted by the Executive Director of the Fund. While endorsing the Oil Fund's 2007 budget execution and amendments to the Fund's 2008 budget the Supervisory Board recommended both documents for the approval by the President of the Republic of Azerbaijan.

Prime Minister Artur Rasizadeh was re-elected as the Supervisory Board's Chairman-in-office for the year of 2008.