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  16 March 2011, Baku. Presentation on Management of Oil Revenues
and Transparency

Shahmar Movsumov, CEO of the State Oil Fund of Azerbaijan visiting the US on the delegation headed by
Elman Rustamov, Governor of the Central Bank, in connection with Azerbaijan Days held in the WB
Headquarters in Washington made a speech on “Management of oil revenues and transparency”.
Sh.Movsumov delivered comprehensive information on the Oil Fund and spoke on a number of projects
implying joint development of oil-gas resources of our country with foreign investors, within the framework of
the oil strategy launched by our national leader Heydar Aliyev in 1994. At the same time, Sh.Movsumov
informed the event participants on efficient management of proceeds pooled to the Fund, which are used to
finance significant nation-wide projects connected with socio-economical progress of our country.

The speech was followed by a question-answer session.

There was presented a film on Development of Financial Services project that was successfully completed
through the WB financial support. The film covers issues on project implementation, achievements obtained,
and further expansion of financial services spectrum in the short run relying on institutional and infrastructure
potential created at Azerpocht LLC (Azerpost). Upon the film presentation, Nazim Suleymanov, Deputy General
Director of Azerpocht LLC, provided the event participants with in-depth info on the project and answered their

Created by Azerin LLC
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