Date of selection of auditor for compilation of EITI's fourth report defined

Business Materials 6 May 2006 12:58 (UTC +04:00)

Selection of audit company to compile a second semi-year report within Extraction Industry Transparency Initiative (EITI) is held May 16, 2006, Trend reports with reference to Sate Oil Fund of Azerbaijan Republic (SOFAR). The deadline for submission of offers from world-recognized audit companies operating in Azerbaijan was set to late April.

Upon the auditor selection, the deadline for reporting is set. The report will be compiled based on examination of declarations from oil and gas companies and Azeri government.

This process is delayed as companies yet are not resolved to pay the auditors services. Two times they were paid by SOFAR and once by companies within EITI.

Audits for fiscal years 2003 and 2004 were performed by Deloytte and first half-year report was compiled by AGN Mak Azerbaijan LTD within Accountants Global Network.