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$150BN TO COME TO AZERBAIJAN'S OIL FUND WITHIN 15 YEARS
Today.Az, March 2, 2007
Shahmar Movsumov, Executive Director of the Azerbaijan State Oil Fund (SOFAZ), told the Intergovernmental Preparatory Meeting for the fifteenth session of the Commission on Sustainable Development in New York that some US $150 billion will come to the Fund within 15 years, adding that energy revenues should be used efficiently.
"Many countries own oil, gas and mineral resources while not all of them can effectively use this wealth for people, the resources go to perish and even trigger civil war," he noted.
Touching on the importance of The Extractive Industries Transparency Initiative put forward by UK Prime Minister Tony Blair at the World Summit on Sustainable Development in Johannesburg, highlighted the prudent use of natural resources, transparency, accountability and collaboration with stakeholders, saying the country ensured the full transparency of oil and gas revenues.
The fifteenth session of the Commission on Sustainable Development will take place in New York on April 30-May 11, 2007, APA U.S. bureau reports.
LIFE ALONG THE PIPELINE: BTC'S IMPACT ON AZERBAIJAN
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March 2007, Issue No. 47
Previous Issues
UNDP Azerbaijan Website
Bulletin Home Page
NOVRUZ RINGING THE DOORBELL
Azernews, March 20, 2007
Aliyev congratulates nation on historic date

The Azerbaijani people celebrated national holidays in a rather low-key way during the Soviet Union times. However, after they asserted sovereignty and established an independent state upon the Soviet collapse in 1991, March 20-21 - the Novruz Bayrami (Holiday) marking the advent of spring - were officially announced holidays. President Ilham Aliyev has lately issued a decree announcing the celebration of the holiday for five days for the first time in the republic's history. Under the decision, the people of Azerbaijan will celebrate the date for a full week starting this year.
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