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.