Announcement 03.02.2004

1. The State Oil Fund of the Republic of Azerbaijan invites bids for the IAS audit of its financials statements for the year ending 31 December 2003.

2. Interested bidders are to submit their proposals along with the following documents before February 03, 2004:

- application to bid;

- information on a bidder (full name, legal address, status, bank details, information on appropriate work experience, and a notarized copy of the company's registration certificate);

- notarized copy of license granting the bidder the right to conduct audit activity in the Republic of Azerbaijan;

- Information on financial activity of bidder for the last year, as well as a current bank statement and copy of the balance sheet.

3. Main technical advantage: bidders must have skills and experience acquired from the provision of auditing services based on international standards for large financial and investment institutions (funds).

4. Address of audit work implementation: the administrative office of the State Oil Fund of the Republic of Azerbaijan which are located at Bulbul avenue, 20, Baku, Azerbaijan.

5. Implementation period: 6 (six) weeks commencing from the signing of a final contract.

6. A bid package giving full details and other information can be obtained from the administrative office of the State Oil Fund of the Republic of Azerbaijan by calling 90 57 32.