oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

EITI becomes international standard

17 Apr 2007 02:30:00

EITI becomes international standard

17 Apr 2007 02:30:00

The EITI Board discussed in Berlin the draft UN resolution initiated by Azerbaijan

The 2nd meeting of the Extractive Industries Transparency Initiative (EITI) Board was held on April 11, 2007 in Berlin, Germany. Shahmar Movsumov, Chairman of the EITI National Committee, member of the Board and the Executive Director of the State Oil Fund of the Republic of Azerbaijan participated at the meeting.

The Board members asserted quick expansion of the EITI implementation process worldwide and discussed the activities carried out towards making EITI a global standard. The Board decided on the procedures of delisting of non-performing countries before the next EITI Board meeting to be held in September, 2007 in Oslo, Norway.

Sh. Movsumov presented the draft UN resolution supporting EITI, which Azerbaijan government considered to forward to the UN General Assembly. Discussing the draft resolution the Board members hailed Azerbaijan's initiative once again.

The multisakeholder Board to manage EITI at the international level and to oversee the future operation of EITI was established at the 3rd EITI international conference held in October 16, 2006 in Oslo, Norway. Being a pilot country in implementation of EITI Azerbaijan was selected as a Board member. Sh. Movsumov advised the EITI Board members during the Board's first meeting on December 7, 2006 at the UN Headquarters in New York that Azerbaijan government would consider forwarding a resolution to the UN General Assembly supporting EITI.

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