Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) met on June 13, 2007 with the delegation headed by Jeannot Krecké, Luxemburg Economic and Foreign Trade Minister.

SOFAZ's activity, including the issues about its assets' management and the projects financed by the Fund was discussed at the meeting. Mr. Movsumov informed the guests about the role of SOFAZ in macroeconomic stability of the country and implementation of the important social and infrastructure projects. He briefed the delegation on the Fund's assets investment in foreign financial markets and management strategy. Azerbaijan's worldwide leading role in implementation of the Extractive Industries Transparency Initiative also was discussed at the meeting.

Chairman of the Luxemburg's State Export Insurance Company, the representatives of Luxembourg Grand-Duchy Trade Chamber, Fond Industry Association and about ten businessmen of the country participated at the meeting.