INPEX Southwest Caspian Sea, Ltd., a subsidiary of INPEX of Japan became 22nd extractive sector company that joined Memorandum of Understanding on implementation of the Extractive Industries Transparency Initiative in Azerbaijan. Instrument of Accession to MOU was signed by INPEX on July 19, 2005. The National Committee on EITI, 21 foreign and local extractive industry (oil and gas) companies and non-governmental organizations signed MOU on November 24, 2004.
Samir Sharifov, the Executive Director of the State Oil Fund and Chairman of the EITI Committee said: “By executing the Instrument of Accession, INPEX demonstrates its willingness to cooperate with all other Parties to the MOU and its commitment to EITI principles. We welcome the decision of INPEX as it falls in line with the policy of the government of Azerbaijan to ensure transparent management of oil revenues”.
INPEX Southwest Caspian Sea, Ltd. was invited by the National EITI Committee to accede to the MOU earlier this year. INPEX has 10% stake in Azeri-Chirag-Guneshli oil field development project. The company failed to submit the report on payments to the government of Azerbaijan for the years of 2003 and 2004 as it has not yet established its local representative office.