oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

Press conference held in SOFAZ

12 Oct 2016 15:50:00

Press conference held in SOFAZ

12 Oct 2016 15:50:00

The press conference for mass media was held in the State Oil Fund of the Republic of Azerbaijan (SOFAZ) on October 12, 2016.

Shahmar Movsumov, the Executive Director of SOFAZ, Chairman of government Commission on the Extractive Industries Transparency Initiative (EITI), Chairman of the EITI Multi-stakeholder Group (MSG) gave information about the Fund’s revenues, expenditures and investment performance for the first 9 months of 2016 and answered the questions of media representatives.

During the press conference, held with the attendance of MSG members, participants made presentations on EITI reports for the years 2013 and 2014, Opinion of the NGO Coalition on 2014 EITI Report and the website www.azeitireport.org. The media representatives were informed about the EITI implementation in Azerbaijan and activities in this field.

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 was awarded the "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation.

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