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Ninth EITI Report Commenced to be Devised in Azerbaijan

Oil&Gas Materials 7 August 2008 20:10 (UTC +04:00)

Azerbaijan, Baku, 7 August /corr. Trend I.Khalilova / The ninth reporting cycle on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan was launched on August 7, 2008 at the meeting of the Selection Group, which was established in accordance with the Memorandum of Understanding signed between the governmental Committee on EITI, foreign and local extractive industry companies (oil and gas) and the NGOs' Coalition for Increasing Transparency in Extractive Industries to implement EITI in Azerbaijan, a source at the State Oil Fund of Azerbaijan (SOFAZ) said on 7 August. The Selection Group decided to send invitations to internationally recognized audit companies in Azerbaijan for the bidding procedure.

An audit company will be selected to collate the 2008 semi-annual reports submitted by the Azerbaijan government and oil and gas companies in accordance with the EITI implementation mechanism in Azerbaijan.

A new bid is being held on each report period and auditor company is approved at the joint meeting of governmental Committee on EITI, foreign and local extractive industry companies (oil and gas) and the NGOs' Coalition for Increasing Transparency in Extractive Industries to implement EITI 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. As a result of 2006 and first half year of 2007, the report was prepared by the international auditor company, Moore Stephens.

The memorandum on mutual understanding unites 26 oil and gas companies. According to the previous report as a result of 2007, $169.905mln and AZN 2437.68mln have been transferred to the Government of Azerbaijan from the oil and gas projects.

The correspondent can be contacted at: [email protected]

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