The OPEC Fund procurement principles are a set of ethical standards, to which the institution and its suppliers are bound during the bidding process and throughout the execution of a contract. The main principles are:
- Best value for money
- Fairness, integrity and transparency
- Effective competition
- Efficiency and economy
Best value for money
This is the trade-off between price and performance that provides the greatest overall benefit under the specified evaluation criteria. The OPEC Fund’s procurement procedures aim to ensure the best value for money, by reference to the optimum combination of life cycle costing of a purchase (i.e. maintenance, running and disposal costs) and its fitness for purpose (i.e. quality and ability to meet the OPEC Fund’s requirements). This definition includes economic and environmental objectives within the procurement process.
Fairness, integrity and transparency
The OPEC Fund ensures fairness by offering equal access to the same opportunity. A fair process is free from nepotism, favoritism, self-interest or preference in judgement. Professional integrity and transparency are also key fundamentals of the OPEC Fund’s Procurement Policy. Integrity is ensured by strong moral principles, including honesty and decency. All aspects of a procurement process are visible and evident to all stakeholders. Information on procurement, procedures, opportunities and processes is clearly, concurrently and publicly defined to all interested parties.
By fostering effective competition among suppliers, the OPEC Fund applies the principles of fairness, integrity and transparency to achieve best value for money. The OPEC Fund aims to achieve effective competition under the following conditions:
- There are a sufficient number of prospective suppliers
- Prospective suppliers are independent of each other
- Competition for the same business opportunity is under the same conditions
- There is a sufficient number of offers responding to the procurement opportunity
Efficiency and economy
Procurement processes are well organized, and carried out with regard to quantity, quality, price, timelines and within the approved budget in line with the OPEC Fund Financial Regulations. The processes applied are proportionate to the value and complexity of the requirement, to ensure that associated costs are minimized and in line with the activity budget.
Solicitation documents for competitive bidding i.e. Requests for Proposals (RFP), Requests for Quotations (RFQ), Invitation to Bid (ITB), Request for Information (RFI) or Expression of Interests (EoI), including deadlines and detailed instructions for submitting bids, will be posted on this website as they arise.