Baku, Azerbaijan, June 12
By Azad Hasanli - Trend:
Nargiz Nasrullayeva-Muduroglu has been appointed as Advisor of CEO of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), SOFAZ said June 12.
Prior to this appointment Ms. Nasrullayeva-Muduroglu served as Director of Business Operations of Landmark Business Centre, Center Manager of Regus Business Centre Trading Ltd and at Corporate Banking and Customer Service Department at the Baku branch HSBC Bank Middle East.
From 2004-2015 she was the Executive Director at the American Chamber of Commerce in Azerbaijan.
SOFAZ was established in 1999 with assets of $271 million.
As of Apr. 1, 2017, SOFAZ assets increased by 0.18 percent compared to early 2017 and amounted to $33.207 billion.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative effect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.