PwC to audit SOFAZ financial statements for 2019-2021
Baku, Azerbaijan, Sept. 23
By Mirsaid Ibrahimzade - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) has selected PricewaterhouseCoopers Audit Azerbaijan (PwC) as the auditor of SOFAZ’s financial statements for 2019-2021 following a competitive bidding procedure, Trend reports with reference to the fund.
Leading international audit companies represented in Azerbaijan were invited to participate in the bidding.
After the evaluation of the proposals presented by the bidding audit companies, SOFAZ has chosen PwC Audit Azerbaijan.
SOFAZ was established in 1999 with assets of $271 million.
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 placement of assets abroad in order to minimize the negative effect to the economy, prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.