PM re-elected as Chairman-in-Office of SOFAZ Supervisory Board
A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on July 25, 2013. The meeting chaired by Artur Rasizade, Prime Minister of the Republic of Azerbaijan and Chairman of the Supervisory Board discussed the Fund's annual report and audited financial statements for the year of 2012, a report on execution of the budget of the Fund for the year 2012, SOFAZ said..
The Supervisory Board approved the SOFAZ's 2012 annual report and Auditor's (Ernst & Young) Report as submitted by the Executive Director of the Fund. While endorsing the Oil Fund's 2012 budget execution the Supervisory Board recommended this document for the approval by the President of the Republic of Azerbaijan.
Prime Minister Artur Rasizade was re-elected as the Chairman-in-office of the Supervisory Board.
Assets of SOFAZ, which is tasked to acculmulate the country's oil revenues, hit 26.9 billion manat in 2012 compared to over 23.5 billion manat in 2011.
About 26.01 billion manat of the total amount of assets fell to current assets and about 876.63 million manat - long-term assets.
SOFAZ received 13.72 billion manat in 2012 compared to 13.67 billion manat in 2011, the report said. SOFAZ's expenses hit 10.75 billion manat last year compared to 10.57 billion manat in 2011.
SOFAZ was established in 1999. Its assets hit $271 million during that period.
Under the company's policy, the funds may be used for construction and reconstruction of strategically important infrastructure projects, as well as for settlement of important national issues. From 2001 to 2009, special attention was focused on the development of both the oil sector and the infrastructure of the non-oil sector of the country as well. At present, SOFAZ funds a number of strategic projects in the field of irrigation and transport.
SOFAZ also pursues a goal of placing the fund's assets abroad to minimise the negative impact on the economy and prevent 'Dutch syndrome', to ensure savings for future generations and to maintain the current socio-economic standards of the country.
The official exchange rate is 0,7843 AZN/USD on July 25.