Azerbaijan's State Oil Fund to improve risk assessment

Wed 03 February 2010 12:50 GMT | 17:50 Local Time

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An international risk management company is to create software to assess risks to the Azerbaijan State Oil Fund's investment portfolio.

RiskMetrics Solutions Inc. won a tender to provide the services, the State Oil Fund (SOFAZ) said in a statement today.

"RiskMetrics Solutions Inc. won the relevant tender of the State Oil Fund of Azerbaijan and a contract was signed with the company on 29 January 2010. The contract is estimated at $160,000," the statement reads.

It will take six months to set up the system.

RiskMetrics Solutions Inc is a large international company which provides services to financial organizations on the evaluation of risks, financial analysis and corporate management.

SOFAZ accumulates profits from oil contracts, in particular, the sale of the state profit oil, transit tariffs for the transport of oil and gas via the country, the rental of state property and so on.




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