Azerbaijan, Baku, 6 March / Trend corr. I.Khalilova / The work on development of 8th report, within the framework of Extractive Industry Transparency Initiative (EITI), has started in Azerbaijan.
The State Oil Fund of Azerbaijan (SOCAR) reported that the decision was taken during the meeting of the pre-election Group, which unites the representatives who have signed a memorandum on introduction of EITI in Azerbaijan, State commission on EITI, local and foreign companies in extracting sphere and NGO Coalition.
As per the decision of pre-election Group, initiations will be submitted to extensively recognized Auditing companies operating in Azerbaijan, to participate in the contest to develop a report for 2007 within the framework of Initiative of Transparency.
Time for development of the report will be specified after deciding the auditor. The report will be developed in the sphere of reports on remittances of companies -engaged in oil and industry spheres in Azerbaijan.
In 2003, 2004 and 2005 audits were carried out by Deloitte, while the report on the 1st half of 2005 was developed by AGN Mak Azerbaijan LTD, which is included in the Accountants Global Network group of companies.
In general, in the first half year of 2007, $78.464mln and AZN 956.927mln oil revenues have been given to the Azerbaijani Government.
The memorandum on mutual understanding unites 25 oil and gas companies. The last companies joining the EITI are Inpex Azerbaijan, Binagadi Oil, RAFI Oil and Naftiran Intertrade Co. Limited.