The Executive Director of the State Oil Fund of the Republic of Azerbaijan Mr. Samir Sharifov received on May 26 Mr. Oluf Ulseth, State Secretary of the Norwegian Ministry of Petroleum and Energy. Mr. Ulseth pointed out that his government was happy for opening of the Azerbaijan section of the Baku-Tbilisi-Ceyhan main export oil pipeline that would increase revenues from sale of oil.
Mr. Ulseth assessed Azerbaijan’s implementation of Extractive Industries Transparency Initiative as a positive approach to handling oil revenues. He underscored the successful completion of the first EITI reporting cycle in the country.

Mr. Sharifov stressed that the functioning formula found in Azerbaijan for implementation of EITI appeared to be a good mechanism. Speking on perspectives of the Initiative, Mr. Sharifov informed the Nowegian official that he received mandate from the President of the Republic of Azerbaijan to represent the country in the International Advisory Group on EITI as a Chairman of the National Committee on EITI. The Group is being formed by the UK government in London for future management and incentives for implementation of EITI.

The officials discussed the State Oil Fund’s activity and other issues on management of the oil revenues.

Mr. Steinar Gil, the Norwegian Ambassador to Azerbaijan, and other officials of the Norwegian Ministry of Petroleum and Energy and the representatives of Statoil Azerbaijan also attended the meeting.