USTDA Continue its Assistance to SOFAZ to Get Huge Oil Incomes

Oil&Gas Materials 26 January 2008 13:08 (UTC +04:00)

Azerbaijan, Baku, 26 January / Trend corr. I.Khalilova / The State Oil Fund of Azerbaijan (SOFAZ) started the negotiations with the United States Trade and Development Agency (USTDA) on continuing the institutional development of the fund, Shahmar Movsumov, SOFAZ head, stated.

Within the framework of the third phase there are plans to choose a new foreign manager and create the management system in SOFAZ, as well as to render assistance on forming of full value subdivisions and system on management of risks and improve the training base. There are plans to establish a school for training of financial managers.

It is expected to sign the grant agreement with USTDA to the end of 2008. Presently, the exact size of the technical assistance has been specified.

The further institutional development of SOFAZ is connected with the huge oil incomes.

"We continue the work launched on getting incomes which enables to introduce upgrade equipment, as well as increase of professional level of staff potential of the fund," Movsumov said.

Within the second phase of the technical assistance the American Overture Financial Services company aids improving of the accounting system and management of the investment portfolio. USTDA grant on implementation of the work made up $855,075.

Within the first phase Overture Managed Solutions was also SOFAZ consultant. TDA technical assistance within the framework of the first phase totaled to $1,091mln.