Washington presents SOFAZ's activity

State Oil Fund of the Azerbaijan Republic (SOFAZ) Executive Director Shahmar Movsumov held a presentation on oil revenue management and transparency in Washington at the World Bank as part of Azerbaijan Days.

He said the fund's revenues are spent on financing national projects related to socioeconomic progress, and on resolving important issues facing the country.

As a result of effective revenue management, the fund's finances have increased 84 times in 10 years, Movsumov said earlier.

"SOFAZ accumulated $271 million in 2001. As of Jan. 1, 2011, the assets reached $22.8 billion," Movsumov said.


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