Azerbaijan Oil Fund, BONY sign depositary agreement

"The Bank of New York is one of the world's leading banks for the provision of depositary services. At the moment the Bank of New York provides depositary services for assets worth $12 trillion. The bank provides services in 100 countries," the statement said.

The Bank of New York won a tender to appoint a financial organization to provide depositary services. The Bank of New York will provide services to keep the fund's money and cooperate with foreign fund managers.

The State Oil Fund was set up by an Azeri presidential decree from December 29, 1999, and is an off-budget state institution, answerable to the head of state. Revenue from the implementation of oil contracts is accumulated in the fund. Interfax

/BakuTODAY/