SOFAR insures administrative building

Tender has been announced for the selection of an insurer for the administrative building of the State Oil Fund of Azerbaijan (SOFAR).

According to the Fund, the responsibilities of the potential winner include compulsory insurance of the new building of the Fund in Baku (22-storey building) and all the technical facilities (boiler room, electrical substation, heating and cooling systems), insurance of movable property, as well as mandatory insurance of real property operations.

Companies interested in participating in the tender have time until November 25, 2014 to submit their proposals accompanied by a bank guarantee in the amount of 1% of the tender value. The tender procedure will be held on November 26.

SOFAR was established by the decree of President on December 29, 1999 and is a non-budget state institution accountable to the President. It accumulates revenues from the realization of oil contracts, in particular, from the sale of profit oil and gas of the state, transit tariffs for the transportation of oil and gas in the country, from the lease of state property and so forth. --17D-

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