Norway Officially Announced Its Joining the EITI: Head of PFMC
Azerbaijan, Baku /corr. Trend S.Aliyev / The development strategy of the extractive industry transparency initiatives (EITI) for the upcoming years was discussed in Oslo at the meeting which took place last week under the auspices of Publish What You Pay. The meeting was organized by Transparency International, said the representative from the Eurasian region (Caucasus, Middle Asia and Russia), Head of the Public Finance Monitoring Center (PFMC), Ingilab Ahmadov.
According to Ahmadov, the meeting focused on the development of the transparency initiatives, new countries' joining it, companies' presenting fuller and exacter reports.
"Such issues are also considered in Azerbaijan. The issue of each EITI participating company's presenting reports is discussed. Currently these data are summarized," Ahmadov said
Many extractive companies are prepared to submit reports separately. The list of the companies includes large companies such as ВР, Statoil, ExxonMobil and Shell. It needs to co-ordinate this issue with other companies which participate in consortiums in Azerbaijan and produce mineral resources.
Generally 25 companies have joined the EITI.
Problems and prospects regarding state companies' joining EITI were discussed in Oslo. According to the head of the Centre, state companies, including the State Oil Company of Azerbaijan Republic (SOCAR) which is a member of EITI, should accelerate their turning to international standards of financial accounting, which will enable improvement of transparency.
The participants of the meeting attended the meeting of EITI Secretariat located in Oslo. At the meeting Norway officially announced its joining the EITI. Thus, the country stated on its readiness to put EITI standards into practice and to publicize the reports on the funds transferred by the companies. Azerbaijan announced its joining EITI in 2003. The republic is a pilot country first to publicize the reports on transfers of the companies. Six reports were publicized and the seventh is being developed.