This Press release is jointly prepared by Committee on EITI, extractive industry (oil and gas) companies and Non-Governmental Organizations (NGOs) Coalition for Increasing Transparency in the Extractive Industries of Azerbaijan.

The Committee on Extractive Industries Transparency Initiative ("EITI") established by the Government of Azerbaijan to implement its obligations taken at the conference on EITI held in June 2003 in London, on 12 December, 2008 announced the release of the Government's ninth EITI report (Jan-June 2008 assertion) audited by Moore Stephens, the independent Aggregator. The release is accompanied by the Aggregator's opinion based on individual submissions of extractive industry companies participating in the EITI process in Azerbaijan.

The release of the Government's ninth EITI report together with the Aggregator's opinion follows presentation of the documents to the MOU parties on 12 December, 2008 and discussion on the outcomes of the reporting cycle.

The publication of Azerbaijan's ninth EITI report follows the signing of a Memorandum of Understanding ("MOU") on November 24, 2004 between the Government of Azerbaijan, foreign and local extractive industry companies and a Coalition of some 115 Non-Governmental Organizations ("NGO's") and 15 physical persons for Increasing Transparency in Extractive Industries to implement EITI in Azerbaijan. The MOU set out a clear and independent process for the implementation of EITI in Azerbaijan and since its signing has served as the framework for implementation efforts by all parties.

According to the Aggregator "... Assertion of the Committee on the EITI of the Republic of Azerbaijan that the schedule of payments/allocations received during the six months ended 30 June 2008 is prepared in accordance with the aforementioned requirements, is fairly stated in all material respects ".

The full report as well as the Aggregator's opinion on the document has already been disclosed on web sites of the State Oil Fund (SOFAZ), the International EITI Secretariat and the Non-Governmental Organizations (NGOs) Coalition for Increasing Transparency in the Extractive Industries of the Republic of Azerbaijan.

At the same time during the meeting participants were informed on the most recent processes on validation, validator's work schedule, also the validation forms and documents were introduced to participants.

Report of the Government of the Republic of Azerbaijan (host government) about aggregated receipts from the extractive industries. Reporting period January - June 2008 (semi-annual)

The Committee on the Extractive Industries Transparency Initiative of the Republic of Azerbaijan (Independent Accountants Report) For the 6 months ended 30 June 2008