 The palace serves as an official facility for governmental and non-governmental organizations holding various types of formal events.It is notable for having hosted such important events as the Contract of the Century and other significant oil and gas contracts, signing of TRACECA project, international and state conferences, etc.The palace was built by the initiative of the Chief City Architect in the 1970s, Alish Lambaranski and designed by H. Amirkhanov, N. Hajibeyov, T. Sharinski, F. Rustamova, N. İsmayilov, K. Kerimov and Abbas Alasgarov.