The meeting of the Multi Stakeholder Group (MSG) on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan was held on June 10, 2014.

During the meeting the EITI Commission, local and foreign extractive industry companies operating in Azerbaijan and NGO Coalition for Improving Transparency in Extractive Industries signed a new Memorandum of Understanding on “Implementation of the Extractive Industries Transparency Initiative in the Republic of Azerbaijan”.

With the signing ofthe Memorandum a next reporting cycle (covering year 2013) in accordance with the EITI Standard was launched in the country.

Adjustment of the Terms of References (which defines activities of the independent auditor, reconciling EITI reports) to the EITI Standard, establishment of a legal framework for the EITI implementation were also discussed at the meeting.

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.