The State Oil Fund of Azerbaijan (SOFAR) will get the electronic systems of accounting and portfolio management.
According to the State Procurement Agency, the mission is entrusted to the Danish company Sim Corp Ltd. "The two sides signed a contract for implementation of the relevant works worth 8 million 561 thousand 857.2 manat," the statement says.
Sim Corp Ltd headquartered in Copenhagen was founded in 1971 and specializes in software development.
SOFAR was established on 29 December 1999 and is accountable only to the President of the country. It accumulates revenues from the sale of oil contracts. According to official figures, more than half of the funds have been already spent on non-controlled social and investment projects. --17D-
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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