The delegation of the State Oil Fund of the Republic of Azerbaijan headed by Mr. Samir Sharifov, the Fund’s Executive Director visited on July 10, 2005 the Alaska Permanent Fund in Juneau, Alaska. Aim of the visit, which is accomplished under the technical assistance consultancy contract between SOFAZ and Overture Financial Services LLC is to receive the study about the experience of the Alaska Permanent Fund Corporation and its structures.

During the meeting held on July 10, 2005 at Alaska Permanent Fund Mr. Sharifov and Mr. Mike Burns, Chief Executive Officer of the Alaska Permanent Fund shared information about activities of the two Funds. Touching upon the fund using, Mr. Sharifov said that it has been used to pay for improvement of the socio-economic condition of the refugees and internally displaced persons and also for Baku-Tbilisi-Ceyhan pipeline construction. Mr. Burns told Mr. Sharifov that he saw many similarities between the two funds in their transparency and management and encouraged him to stay the course.

On July 12 Mr. Sharifov and Mr. Hafiz Pashayev, Azerbaijan Ambassador to US who visited Alaska to join SOFAZ delegation was received by Alaska Governor Frank H. Murkowski. Mr. Murkowski appreciated SOFAZ’s interest to Alaska Permanent Fund and its delegation’s visit to the state. Ambassador Pashayev’s joining to delegation was assessed as a sign of Azerbaijan government’s interest to this distant state of the USA. Proper management of oil revenues and other related issues were discussed at the meeting. Murkowski took an interest in implementation of oil contracts in Azerbaijan and Baku-Tbilisi-Ceyhan pipeline.

During his tenure in the U.S. Senate, Murkowski served as chairman of the Energy Committee, where he supported oil contracts in Azerbaijan and also the BTC pipeline.

The delegation, which is on its way back met on July 14 with Mr. Daniel Stein, NIS regional director for the US Trade and Development Agency (TDA) in New-York.

SOFAZ and Overture Financial Services LLC signed a consultancy contract on January 18 to implement TDA funded Institutional Capacity Building project. The contract became effective on April 7, 2005 as it was approved by TDA.Alaska Permament Fund was established in 1976 to save money for future generations, which would no longer have oil as a source of income. In 1982, the Alaska Permanent Fund Corporation was set up to manage Fund investments.