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Azerbaijan discloses 12th EITI report

14 May 2010 15:47 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. The meeting of the Multi-stakeholder Group (MSG) on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan presided over by Shahmar Movsumov, Chairman of the MSG and the Executive Director of the State Oil Fund, was held on May 14, 2010.

According to SOFAZ, Azerbaijan has instituted a regular process of disclosing, reconciling and publishing company payments and government receipts and was designated as EITI Compliant country by EITI International Board. At the meeting Azerbaijan Government Committee on EITI announced the release of the Government’s twelfth EITI report for the year 2009 audited by Moore Stephens, the independent Aggregator. The release is accompanied by the Aggregator’s opinion based on individual submissions of extractive industry companies participating in the EITI process in Azerbaijan.

For the first time the EITI report included gold and silver mining companyâ€™s information.

Additionally, natural and associated gas were indicated separately, and the detailed taxes were pointed out in the 12th report. Thus, this procedure extends information presented in the report.

Other issues on EITI implementation in Azerbaijan were discussed at the meeting.

The full report as well as the Aggregator’s opinion on the document has already been disclosed on web sites of the State Oil Fund (SOFAZ) (www.oilfund.az), the International EITI Secretariat (www.eiti.org) and the Non-Governmental Organizations (NGOs) Coalition for Increasing Transparency in the Extractive Industries of the Republic of Azerbaijan (www.eiti-az.org).

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 â€œ2009 EITI Awardâ€ for its commitment to EITI principles and criteria and achievements in EITI Implementation.

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Azerbaijan discloses 12th EITI report

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