Overview

The OPEC Fund’s consultant selection principles are a set of ethical and professional standards that guide the institution and all participating consultants throughout the selection process and during the implementation of an assignment. The main principles are:

• Best value for money
• Fairness, integrity and transparency
• Effective competition
• Efficiency and economy

Best value for money

This refers to the optimal balance between cost and quality that delivers the greatest overall benefit under the applicable evaluation criteria. The OPEC Fund’s consultant selection procedures are designed to ensure best value for money by considering the quality, expertise and experience of the consultant, together with the proposed cost and the consultant’s ability to meet the OPEC Fund’s requirements. This approach may also take into account broader economic and environmental considerations where relevant.

Fairness, integrity and transparency

The OPEC Fund ensures fairness by providing all eligible consultants with equal access to the same opportunity. A fair process is free from nepotism, favoritism, self-interest or bias in judgment. Professional integrity and transparency are also fundamental to the OPEC Fund’s consultant selection framework. Integrity is upheld through strong ethical standards, including honesty and professionalism. Transparency is ensured by making the selection process, requirements, evaluation approach and applicable procedures clear and accessible to all interested parties.

Effective competition

By encouraging effective competition among qualified consultants, the OPEC Fund applies the principles of fairness, integrity and transparency to achieve best value for money. Effective competition is promoted where:

• there is a sufficient number of qualified consultants;
• participating consultants are independent of one another;
• all consultants compete under the same conditions; and
• there is a sufficient number of responsive proposals for the assignment.

Efficiency and economy

Consultant selection processes are organized and carried out with due regard to quality, cost, timelines and the approved budget, in line with the OPEC Fund’s Financial Regulations. The procedures applied are proportionate to the value, complexity and nature of the assignment, ensuring that the process remains efficient, economical and fit for purpose.

Solicitation documents for consultant selection, such as Requests for Expressions of Interest (REOI/EoI) and other related notices, including deadlines and detailed submission instructions, will be posted on this website as they arise.