oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

SOFAZ Supervisory Board holds next meeting

17 Dec 2010 00:00:00

SOFAZ Supervisory Board holds next meeting

17 Dec 2010 00:00:00

A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on December 16, 2010. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the SOFAZ draft budget for 2011.

The Board approved the Fund's 2011 budget revenues at9 132941.0thousand manats, its expenditures at6886155.4 thousand manats and the Fund's operating expenditures at57494.3thousand manats. The Supervisory Board recommended the Fund's 2011 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures for the approval by President of the Republic of Azerbaijan.

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