Baku, Azerbaijan Feb.29
Delegation headed by the Chairman of the National Extractive Industries Transparency Initiative (EITI) Committee and the Executive Director of the State Oil Fund of the Republic of Azerbaijan Shahmar Movsumov participated at the VII EITI Global Conference held on February 24-25, 2016 in Lima, Peru.
During the Conference EITI Board held 32nd and 33rd meetings. Besides, Board members made amendments to EITI Standard and accepted two countries (Dominican Republic and Federal Republic of Germany) as Candidate countries. Thus, number of EITI implementing countries increased up to 51. 4 countries (Democratic Republic of Congo, Ghana, Mongolia and Philippines) were awarded with the 2016 EITI Award.
During the Conference new members of the EITI Board and the new Chairman of the EITI Board, Fredrik Reinfeldt were presented to the participants.
SOFAZ Executive Director Movsumov participated in the panel "Improving governance in an era of low commodity prices" and gave a speech about Azerbaijan experience in this field.
At the same time Azerbaijani delegation took part in National Expo held in the framework of the VII Global Conference in Lima. Video and photo materials about Azerbaijan, brochures, booklets and reports on EITI implementation in Azerbaijan and souvenirs were submitted to the conference participants.
EITI is a special multilateral and voluntary initiative, supported by a coalition of companies, governments, investors and civil society organizations and global standard for improved transparency in the oil, gas and mining sector. Azerbaijan joined EITI in 2003. Azerbaijan was awarded the "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation.