Binagadi Oil became 23rd extractive sector company that joined Memorandum of Understanding on implementation of the Extractive Industries Transparency Initiative in Azerbaijan by signing the Instrument of Accession to MOU. 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. Inpex of Japan joined MOU later, on July 19, 2005.

Binagadi Oil was invited by the National EITI Committee to accede to the MOU in the summer this year. The company will submit the report on payments to the government of Azerbaijan for the first six months of the year 2006.