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Neftechala Operating Company Ltd to accede the memo of EITI

05 March 2010 13:56 (UTC +04:00)

Baku â€“ APA-Economics. Neftechala Operating Company Ltd has acceded to the Memorandum of Understanding on implementation of the Extractive Industries Transparency Initiative (EITI) in Azerbaijan has expanded.

According to the State Oil Fund of Azerbaijan (SOFAZ), Neftechala Operating Company Ltd became 29th extractive sector company that acceded the Memo by signing the Instrument of Accession to MOU on 3 March 2010. Neftechala Operating Company Ltd will submit the 2009 annual report on payments to the government of Azerbaijan.

The National Committee on EITI, 21 foreign and local extractive industry companies and non-governmental organizations signed MOU on 24 November 2004. Inpex of Japan, Binagadi Oil, RAFI Oil, NICO, Apsheron Investment Ltd, GDF SUEZ Exploration Caspian B.V. and Azerbaijan International Mining Company limited joined MOU later by signing the Instrument of Accession.