oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

EITI Board holds first meeting

08 Dec 2006 11:00:00

EITI Board holds first meeting

08 Dec 2006 11:00:00
Extractive Industries Transparency Initiative Board held on December 7, 2006 its first meeting at the UN Headquarters in New York. Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan participated at the meeting as a member of the Board representing Azerbaijan government.
Future activity of the Board and the issue of headquartering the EITI Secretariat were debated at the meeting. Discussing several proposals about setting the head office of the EITI Secretariat up, the Board accepted Norwegian government's initiative about the Secretariat to be headquartered in Oslo, capital of Norway.

The Board members debated on status of implementation of the commitments by the countries joined EITI. Azerbaijan's leading role in implementation of EITI was highly regarded by the meeting participants. According to the proposal made during the discussions, the EITI joined countries, which don't implement commitments on the Initiative, should be subject to be removed from the list of the EITI implementing countries.

Koffi Annan, the UN General Secretary received the EITI Board Chairman after the meeting. Mr. Annan pledged the UN to give all necessary support to EITI emphasizing the Initiative's role on ensuring transparency in extractive industries.

Dismissing its first meeting the EITI Board briefed the US media representatives about its activity. The representative of Azerbaijan government stated at the press conference that Azerbaijan government would consider forwarding a resolution to the UN General Assembly supporting EITI. Other participants of the press conference hailed such initiative by the Azerbaijan government.

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