Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on November 7, 2007 Carolyn Browne, Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to Azerbaijan.

Sh. Movsumov briefed about the Fund's activity, as well as the projects financed by the Fund and management of its assets. He talked about SOFAZ's leading role in implementation of the Extractive Industries Transparency Initiative (EITI), Azerbaijan's representation at the international EITI Board and the Resolution supporing EITI drafted by the government of Azerbaijan for submission to the UN General Assembly.

Carolyn Browne extended her congratulations to SOFAZ Executive Director on the Fund's winning of the prestigious 2007 UN Public Service Award. She also emphasized the leading role of Azerbaijan in implementing and development of EITI.

The economic reforms, importance of oil sector in Azerbaijan, influence of huge oil revenues to our country, development of Azerbaijan's non-oil sector and other issues were discussed at the meeting.