A briefing dedicated to provide clarity in the extractive industry was held in the UN office in New York on 5 December through the initiative of the Azerbaijani permanent representative. During the briefing the Azerbaijani delegation shared with the UN member-countries the country's experience in the use of oil and gas income for the public.

The State Oil Fund of Azerbaijan (SOFAZ) is responsible for this within the country and uses funds for the interest of the public. In 2007 the Fund was awarded the UN Prize for deposits invested in the development of the State service. The Fund became the first state agency in East Europe and CIS countries to be awarded the prize.

The National Committee was established in Azerbaijan in 2003 to implement international initiatives to increase the transparency in the extractive industry. The Azerbaijani Government signed a memorandum on mutual understanding in clarity in funds received from oil and gas companies and income from the extractive industry with local and foreign companies, as well as with a coalition of Citizen Community organizations on 24 November 2004.

Attending the briefing was the Executive Director of SOFAZ, Shahmar Movsumov who said that Baku needs to obtain the support from the Extractive Industries Transparency Initiative (EITI) to provide clarity in the extractive industry of UN and therefore propose to approve the resolution of the General Assembly.

During the interview with the UN radio, Movsumov said that, thanks to the EITI, everybody is sure that the oil and gas income go to the State Treasury. The Government is focusing its attention on using the funds for the development of social-economy.

06.12.07 TREND