Ulaanbaatar
Mongolia’s President visits State Oil Fund of Azerbaijan
Politics
Ulaanbaatar/MONTSAME/ President of Mongolia
Khaltmaagiin Battulga is paying a working visit to the Republic of Azerbaijan.
The President visited the State Oil Fund (SOFAZ), the sovereign wealth fund of
Azerbaijan, and got acquainted with its operations on September 25.
Established in 1999, the
State Oil Fund of Azerbaijan is mainly responsible for accumulating oil and gas
revenues and managing the funds efficiently for the future.
The Fund’s Executive
Director Shahmar Movsumov welcomed the Mongolian delegation led by
President Battulga and introduced the functions of the Fund.
According to Mr. Shahmar Movsumov, the Fund collects natural resources
income and ensures transparency of the expenditure. He said that
experience-sharing was fully possible, while advising that “With its rich
natural resources, Mongolia needs to establish this type of fund.”
Source: President.mn
