Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on October 5, 2007 a group of journalists representing European Union countries, who are in Baku to participate in the seminar on European neighbourhood policy organized by the European Journalism Centre.

Informing the guests about the Fund's activity Sh. Movsumov said that ensuring transparency since its establishment in 1999 SOFAZ has been building a trust about proper management of oil revenues. Mr. Movsumov briefed the guests on the role of SOFAZ in macroeconomic stability of the country and implementation of the important social and infrastructure projects, Fund's investments in foreign financial markets and management strategy.

Executive Director gave detailed answers to the questions covering SOFAZ's activity and EITI Implementation in Azerbaijan.

Influential European media representatives from "Financial Times Deutschland", "Sunday Times", "Le Monde Diplomatique", "Magyar Nemzet", "The Irish Times", "La7", "Verslo Zinios", "Luxemburger Wort", "De Volkskrant", "Polskie Radio", "Semanario Economico", "La Vanguardia", "Energy Intelligence Group", "Die Zeit", "TV2" participated at the meeting.