Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on July 21, 2009 the delegation headed by Lord Mayor of the City of London Alderman Ian Luder.

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) and Azerbaijan's representation at the international EITI Board.

Mr. A.I. Luder appreciated Fund's achievements in implementation of EITI and SOFAZ's transparency in its activity.

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

Executive Director gave detailed answers to the questions covering SOFAZ's activity.