State Oil Fund of the Republic of Azerbaijan held a competitive bidding procedure aimed at selection of an audit company for auditing its financial statements for 2010-2012. Leading international audit companies represented in Azerbaijan were invited to participate in the bidding, which was organized in compliance with the national procurement laws.

After the evaluation of the proposals presented by the bidding audit companies, pursuant to the Statutory Regulations of the State Oil Fund, Ernst & Young Holdings (CIS) B.V. was appointed as the auditor of the Fund's financial statements for 2010, 2011, 2012 by the President of the Republic of Azerbaijan.