OREANDA-NEWS. November 23, 2007. The Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) approved the Fund’s 2008 budget with net surplus of 1.93 bn ($2.4 bn).

At a meeting on November 20 the Board chaired by prime minister Artur Rasizadeh has considered the amendments to be made to the SOFAZ budget 2007 and draft budget 2008.

"The Board recommended the budget for the approval by the country’s president with revenues of AZN 3.6 bn, expenditures of AZN 1.68 bn and operating expenditures of AZN 9.7 million,” SOFAZ informed.

At the meeting PM Artur Rasizadeh was re-elected as the Supervisory Board’s chairman-in-office.