oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

Ernst and Young will audit SOFAZ's financial statements for 2002

19 Mar 2003 11:00:00

Ernst and Young will audit SOFAZ's financial statements for 2002

19 Mar 2003 11:00:00
A competitive bidding procedure aimed at selection of an audit company for auditing State Oil Fund's financial statements for 2002 has come to an end. Leading international audit companies represented in Azerbaijan were invited to participate in the bidding, which was organized in compliance with the national procurement laws. Ernst and Young, Deloitte and Touches and PriceWaterhouseCoopers accepted invitation, while KPMG and Moore Stephens officially declined to participate citing a lack of available technical support.

Evaluation of the financial and technical proposals presented by the bidding audit companies resulted in, pursuant to the Statutory Regulations of the State Oil Fund, the appointment by the President of the Republic of Azerbaijan of the Azerbaijan representative office of Ernst and Young as the auditor of the Fund's financial statements for 2002.

Financial proposals of the bidders (inclusive of VAT and other expenses) were as follows:

Ernst and Young - 86,730,000 manat;

Deloitte and Touches - 247,056,600 manat;

PriceWaterhouseCoopers - 155,986,560 manat.

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