Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on October 5, 2009 the delegation headed by Deputy Secretary of US Department of Energy Daniel Poneman.

Mr. Movsumov briefed the guests on the Fund's activity, management of its assets, major projects financed by the Fund. He talked about SOFAZ's leading role in implementation of the Extractive Industries Transparency Initiative (EITI).

Mr. Poneman appreciated Fund's achievements in implementation of EITI and SOFAZ's transparency in its activities.

The current economic relations between Azerbaijan and US, development perspectives of these relations, activity of Sovereign Wealth Funds, development of Azerbaijan's non-oil sector and other issues were discussed at the meeting.