Preliminary Agreement Reached between SOFAZ and U.S. Trade & Development Agency on II stage of Project

Oil&Gas Materials 12 September 2006 15:42 (UTC +04:00)

Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov met with the Regional Director of the U.S. Trade and Development Agency for CIS Daniel Stayn, Trend reports with reference to SOFAZ.

During the meeting, a preliminary agreement was reached on presentation of TDA grant for the realization of the second stage of the project for institutional development of SOFAZ. The first phase was realized by Overture Financial Services through the TDA grant allocated on base of the agreement signed on 19 May 2004.

According to Movsumov, the first project became very useful for SOFAZ and was completed successfully. In turn, Stayn mentioned that is was one of the most successful projects the Agency had implemented in Azerbaijan.

Within the first stage of the project that will be realized by Overture Financial Services, it is intended to upgrade the accounting system, management of investment portfolio and assessment of revenues and provide consultations services to create a risk assessment system.