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Azerbaijan discloses 14th EITI report

20 June 2011 14:45 (UTC +04:00)

Baku. Vahab Rzayev - 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 June 20, 2011.

At the meeting Azerbaijan Government Committee on EITI announced the release of the Governmentâ€™s EITI report (2010) audited by Moore Stephens, the independent Aggregator. The release is accompanied by the Aggregatorâ€™s opinion based on individual submissions of extractive industry companies participating in the EITI process in Azerbaijan.

Other issues on EITI implementation in Azerbaijan were discussed at the meeting.
The full report as well as the Aggregatorâ€™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 "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation.