International Auditor Determined to Devise Eighth EITI Report in Azerbaijan

Oil&Gas Materials 30 March 2008 20:16 (UTC +04:00)

Azerbaijan, Baku, 30 March /corr. Trend I.Khalilova / Extractive Industries Transparency Initiative (EITI) reports for the year 2007 will be collated by Moore Stephens Azerbaijan Limited following the decision of the Selection Group, which was established in accordance with the Memorandum of Understanding signed to implement EITI in Azerbaijan between the governmental Committee on EITI, foreign and local extractive industry (oil and gas) companies and the NGOs' Coalition for Increasing Transparency in Extractive Industries, a source at Azerbaijan State Oil Fund (SOFAZ) stated.

Five internationally recognized audit companies- Deloitte, PriceWaterHouseCoopers, Ernst & Young, Moore Stephens and KPMG - operating in the Republic of Azerbaijan were invited to bid. 

Audits for 2003, 2004, 2005 and first half year of 2006 were held by Deloytte, report for the first half year of 2005 was devised by AGN Mak Azerbaijan LTD. As a result of 2006 and first half year of 2007, the report was prepared by the international auditor company, Moore Stephens.

According to the previous report for the first half year of 2007, $78.464mln and AZN 956.927mln have been transferred to the Government of Azerbaijan from the oil and gas projects.

Some 25 oil and gas companies participates in the Memorandum of Understanding. Recently Inpex Azerbaijan, Bin?q?di Oil, RAFI Oil and Naftiran Intertrade Co. Limited joined the Memorandum.

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