G8 to Discuss Azerbaijani Model of Managing Oil Revenues
Azerbaijan, Baku /corr. Trend U.Ismaylova / The G8 countries will discuss in Germany the Azerbaijani model of managing the oil and gas revenues, said the Head of the Public Finance Monitoring Center (PFMC), Ingilab Ahmadov.
According to Ahmadov, a G8 conference will take place in Berlin on 14 December, which will focus on the transparency of the gas revenues and ensuring transparency in the gas sector.
Azerbaijan will be represented at the conference by the Head of the State Oil Fund, Shahmar Movsumov, who will speak of the Azerbaijani model of managing oil and gas revenues. Ingilab Ahmadov will attend the conference as representative of the society, who was involved in the process of Extractive Industry Transparency Initiative (EITI).
According to Ahmadov, the conference will devise the policy of assisting in ensuring transparency in the gas producing countries.
G8 is an international forum on regulation of urgent economic and political issues, which comprises of the representatives of eight leading industrial countries of the world: Russia, Great Britain, Germany, Japan, Italy, Canada, the USA, France.
In January to November the gas production in Azerbaijan made up almost 9bln cu.m, an increase of 2.8bln cu.m (or 46.1%) from the same period of 2006. The gas in Azerbaijan is being produced by the State Oil Company of Azerbaijan (SOCAR) and consortium headed by BP in Shah Deniz field.