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UGE-LANCER PTE. LTD joins EITI implementation process in Azerbaijan

24 January 2013 15:42 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. UGE-LANCER PTE.LTD became 32th extractive sector company that joined Memorandum of Understanding on implementation of the Extractive Industries Transparency Initiative in Azerbaijan by signing the Instrument of Accession to MOU on January 21, 2012. UGE-LANCER PTE.LTD will submit the 2012 EITI report on payments to the government of Azerbaijan (17th EITI report).

The National Committee on EITI, 21 foreign and local extractive industry companies (The State Oil Company of the Republic of Azerbaijan, BP, EXXON, STATOÄ°L, Total, Lukoil, Chevron, Shell, Devon Energy etc.) and non-governmental organizations signed MOU on November 24, 2004. Other local and foreign extractive industries companies joined MOU later. Thus, 32 companies are parties to MOU.

EITI is a special multilateral and voluntary initiative, supported by a coalition of companies, governments, investors and civil society organizations and global standard for improved transparency in the oil, gas and mining sector. Azerbaijan joined EITI in 2003. Azerbaijan is the first ever country to complete validation process and designated as EITI Compliant Country. Azerbaijan was awarded the "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation.