Defined International Auditor for Ninth EITI Report Announced in Azerbaijan

Oil&Gas Materials 20 August 2008 16:43 (UTC +04:00)

Azerbaijan, Baku, 20 August / Trend corr. I.Khalilova / The candidature of Moore Stephens, international auditor company was approved to develop the ninth report on the results of first half of 2008 at the joint meeting of the Extractive Industries Transparency Initiative (EITI), local and foreign oil companies and Coalition to increase transparency in extractive industry, the State Oil Company of Azerbaijan (SOCAR) reported.

Four leading international auditor companies based in Azerbaijan - Deloytte & Touche, Ernst & Young, PriceWaterhouseCoopers and Moore Stephens, were invited to the meeting.

Companies engaged in oil and gas industry must develop accounts on transferring  and the auditor in its turn will compare the accounts by companies with the Azerbaijani Government impayments.

A new tender is implemented on each report period and auditor company is established at the joint meeting of the Governmental Commission on EITI, local and foreign oil and gas companies and Coalition to increase transparency in production industry.

Deloytte developed the reports in 2003, 2004, 2005 and in the first quarter of 2006, as well as AGN Mak Azerbaijan LTD, which is united in the Accountants Global Network company - in the first quarter in 2005. As for 2006 and 2007 the report was developed by the international auditor company Moore Stephens.

Some 26 extractive industry companies are parties to the Memorandum of Understanding.

Generally, in 2007 the Government of Azerbaijan received $169.905mln and 2437.68mln from oil and gas projects.

On 20 August, the official currency rate is 0,8138 AZN/USD.

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