The State Oil Fund of Azerbaijan (SOFAZ) has announced that it hopes to sign a raft of new deals with the US Trade and Development Agency (USTDA) now that Barack Obama has entered office.

At a press conference on Wednesday (January 28th), SOFAZ executive director Shahmar Movsumov said that the organisation is eagerly awaiting the approval of a development plan to help train management staff, manage assets and establish a permanent oil training centre in Azerbaijan.

Commenting on Obama's arrival into office, Movsumov said: "On completion of this process we hope to intensify our consultations, coordinate and sign an agreement on a new stage of cooperation."

The Azerbaijan Business Centre reports that the pending training and development project will have a budget of up to $800,000 (£562,253), with the funds coming from a co-financing agreement set out by the two organisations in 2007.

SOFAZ was established in 1999 on decree of the Azeri presidential office with the principal objective of establishing "intergenerational equality of benefit with regard to the country's oil wealth".

Oil and Gas Directory: Training and Development