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Azerbaijan expected to acquire EITI full-fledged membership next year

16 February 2009 10:28 (UTC +04:00)

Baku. Vugar Israfilov â€“ APA-Economics. The 4th Extractive Industries Transparency Initiative (EITI) annual conference has kicked off in Qatar, said the State Oil Fund of Azerbaijan Republic (SOFAZ).
The initiative encourages governments, extractive companies, international agencies, Non-Governmental Organizations and others with an interest in the sector to work together to develop a framework to promote transparency of payments and revenues.
The EITI Global Conference will bring together an estimated 600 leaders and officials from government, industry and institutions from February 16-18.
Shahmar Movsumov, Executive Director of SOFAZ, will deliver the keynote report at the event.
The event is expected to pass a decision for Azerbaijanâ€™s EITI board membership and EITI full-fledged membership.
With this, Azerbaijan will be granted the status of full-fledged membership by late March, 2010.
The tenth EITI reporting cycle is under way in Azerbaijan.
.The Extractive Industries Transparency Initiative increases transparency over payments by companies to governments and to government-linked entities, as well as transparency over revenues by those host country governments.
EITI received official endorsement from the World Bank Group, announced December 9, 2003. There are 25 countries, including Azerbaijan with Candidate status.