Naftiran Intertrade Co. Limited (NICO) became 25th 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 on June 12, 2007. NICO will submit the annual report on payments to the government of Azerbaijan for the year 2006.

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, Binagadi Oil and RAFI Oil joined MOU later by signing the Instrument of Accession.

All extractive sector companies operating in the country now are the stakeholders of EITI implementation process in Azerbaijan.