SOFAZ selects provider of security monitoring services

23rd February 2018

ED has won a tender announced by the State Oil Fund of Azerbaijan (SOFAZ) for purchase of volatility management and security monitoring services, the tender commission said in a message Feb. 23.

A contract between the two sides was signed on Feb. 19. The cost of the contract is 179,437 manats.

SOFAZ was established in 1999.

Based on SOFAZ's regulations, its funds may be used for 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 the Fund's assets abroad in order to minimize the negative effect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.

Anvar Mammadov

Related articles

Exhibition opens in Baku within World Ports Conference 2018
9th May 2018

An exhibition kicked off in Baku within the framework of the World Ports Conference 2018 on May 9.

Find out more
“How did the Covid-19 change working manners?”
6th September 2021

The Covid-19 crisis has changed the way we live our lives. Keeping our distance means many of us are working from home for the first time and adapting to new ways of doing our jobs. For many businesses the Covid-19 epidemic has made teleworking the only feasible alternative to having their workers on site.

Find out more
Digital transformation as a key factor of success
2nd September 2021

Adopting and adapting processes to digital is more than an afterthought in today’s business. This is why staying competitive and relevant is ever so important for companies. To start and accelerate the transition to digital transformation is critical as it can create new opportunities for businesses to be a step ahead of the competition.

Find out more