oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

Azerbaijan discloses 17th EITI report

10 Jun 2013 06:19:01

Azerbaijan discloses 17th EITI report

10 Jun 2013 06:19:01

The meeting of the Multi-stakeholder Group (MSG) on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan was held on June 10, 2013.

At the meeting Azerbaijan Government Committee on EITI announced the release of the Government's EITI report(2012) audited by Moore Stephens, the independent Aggregator. The release is accompanied by the Aggregator's opinionbased on individual submissions of extractive industry companies participating in the EITI process in Azerbaijan.

New EITI Standard, EITI International Conference on the occasion of the 10th anniversary of EITI implementation in Azerbaijan and other issues were discussed and appropriate decisions were made at the meeting.

The full report and the Aggregator's opinion on the document has already been disclosed on web sites of the State Oil Fund (SOFAZ) (www.oilfund.az), International EITI Secretariat (www.eiti.org) and 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 is 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.


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