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State Oil Fund of Azerbaijan announces sale of foreign companies’ equipment

Business Materials 25 April 2014 17:26 (UTC +04:00)

Baku, Azerbaijan, April 25

By Emil Ismayilov - Trend:

The State Oil Fund of Azerbaijan (SOFAZ) announced the sale of assets presented by foreign oil companies as part of the production sharing contracts (PSA), according to SOFAZ's statement.

These assets include welding equipment, a wide range of elements and spare parts for equipment required for drilling oil and gas wells, and other assets, according to the report.

The people concerned in acquiring the above-mentioned assets may apply to SOFAZ till May 1, 2014.

Contact person: SOFAZ logistics department specialist Abdulla Boyukkishiyev

Telephones: (012) 498 77 53, 498 62 55 (ext. - 193).

SOFAZ's funds may be used for construction and reconstruction of strategically important infrastructure facilities as well as solving important national problems, according to the fund's rules.

SOFAZ assets increased by 5.1 percent as of January 1, 2014 compared to early 2013 ($ 34. 129.4 billion), and amounted to $ 35.877.5 billion.

The main purposes of the fund are the accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, preventing 'Dutch syndrome', to ensure savings for future generations and to maintain the current social and economic standards in the country.

Translated by NH
Edited by CN

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