State Oil Fund of the Republic of Azerbaijan (SOFAZ) held an event devoted to the 90^th anniversary of the national leader Heydar Aliyev on May 8, 2013. Employees commemorated the memory of national leader with deep respect.

Executive director of SOFAZ Shahmar Movsumov talked about the Oil Strategy founded by Heydar Aliyev, “Contract of the Century” signed with his enormous efforts and its importance for our country and essential socio-economic reforms. He also underlined that establishment of the State Oil Fund as part of this strategy is the result of Heydar Aliyev’s foresighted policy.

Mr. Movsumov mentioned that at the early years of independence Azerbaijan was facing military aggression, internal turmoil and economic challenges. However, after Heydar Aliyev’s return stability was restored in a short time, economic potential of the country was mobilized and firm steps were made in attraction of international investments for extraction of natural resources. Executive director stressed “Contract of the Century’s” importance in this regard. After this agreement Azerbaijan’s economy started gaining interest abroad and international relations were enlarged. This contract, signed with initiative of national leader Heydar Aliyev, became a milestone in economic well-being of Azerbaijani nation and new National Oil Strategy was formulated. Talking about the Oil Strategy Shahmar Movsumov noted that “one of the core components of this strategy was formation of diversified pipeline infrastructure that would allow transition and export of oil and gas explored together with international relations to international market. In this regard reconstruction of Baku-Novorossiysk and Baku-Supsa pipelines and construction of Heydar Aliyev Baku-Tbilisi-Ceyhan Main Export Pipeline and Baku-Tbilisi-Erzurum gas export pipelines for secure and large scope export of oil and gas are of high importance. As a result of successful National Oil Strategy exploration of carbohydrate resources in cooperation with international companies and its export to international market expanded year by year. Hence revenues of the country were increasing accordingly. As a logical continuation of this strategy national leader Heydar Aliyev approved a Decree in 1999 which established State Oil Fund for accumulation and effective management of oil revenues. SOFAZ became a guarantee for intergenerational equality with regard to the country’s oil wealth and effective management of revenues.”

During the event director of the Institute for Strategic Studies of the Public Administration Academy under the President of the Republic of Azerbaijan, Doctor of Political Sciences, Elman Nesirov delivered speech on political activities, historic achievements and immense role of Heydar Aliyev in strengthening of the statehood in Azerbaijan.

At the end of the event National Artist of Azerbaijan, laureate of the State Award of Azerbaijan, the Honorary Worker of Arts, prominent director Vagif Mustafayev talked about films devoted to the national leader Heydar Aliyev and his new film “Father’s path” was presented to the event participants for the first time.