RAFI Oil became 24th 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 October 25, 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 joined MOU later, on July 19, 2005, while Binagadi Oil signed the Instrument of Accession to MOU on October 13, 2006.

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