BAKU, Azerbaijan, Aug. 13
By Zeyni Jafarov – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) and local Farah Innovations LLC have inked a contract worth 50,450 manat ($29,676), Trend reports citing the country’s e-procurement portal.
According to the portal, the winner of the tender that was announced by SOFAZ for the purchase of new software and license for general security systems has been determined.
Reportedly, the tender commission declared Farah Innovations LLC the winner of the tender.
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 the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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