Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on November 5, 2007 Lew Kwang-chul, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea 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 drafted by the government of Azerbaijan for submission to the UN General Assembly.

L. Kwang-chul extended his congratulations to SOFAZ Executive Director on the Fund's winning of the prestigious 2007 UN Public Service Award in the category of "Improving transparency, accountability and responsiveness in the Public Service" and appreciated the Fund's commitment to transparency. He also noted the willingness and readiness of financial institutions in Korea to cooperation with State Oil Fund of the Republic of Azerbaijan.