President of Mongolia Khaltmaagiin Battulga is paying a working visit to the Republic of Azerbaijan. The President visited the State Oil Fund (SOFAZ), the sovereign wealth fund of Azerbaijan, and got acquainted with its operations today.
Established in 1999, the State Oil Fund of Azerbaijan is mainly responsible for accumulating oil and gas revenues and managing the funds efficiently for the future.
The Fund’s Executive Director Shahmar Movsumov welcomed the Mongolian delegation led by President Battulga and introduced the functions of the Fund.
According to Mr. Shahmar Movsumov, the Fund collects natural resources income and ensures transparency of the expenditure. He said that experience-sharing was fully possible, while advising that “With its rich natural resources, Mongolia needs to establish this type of fund.”