International auditor determined to develop Azerbaijan’s 10th report on EITI

Oil&Gas Materials 10 February 2009 14:51 (UTC +04:00)

Azerbaijan, Baku, Feb. 10 / Trend /

International auditor company Deloitte will develop Azerbaijan's 10th on results of 2008, the State Oil Fund of Azerbaijan (Sofaz) said on Feb. 10. This decision was made at a joint meeting amongst the governmental commission on the Extractive Industries Transparency Initiative (EITI), local and foreign oil companies and the Coalition to increase transparency in extractive industries on Feb. 9.

Initiations were sent to four outstanding international auditor companies in Azerbaijan, including Deloitte, Ernst & Young, PriceWaterhouseCoopers and Moore Stephens.  

The period that is required to work out the report will be determined after selection of audit. The audit will develop the report by comparing the reports by oil and gas industrial companies and Azerbaijani Government on revenues.

The Deloitte held audit in 2003, 2004, 2005 and first half of 2006, AGN Mak Azerbaijan LTD developed a report on the first half of 2005, which is enters the Accountants Global Network. The Moore Stephens has developed a report on the end of 2006, 2007 and first half of 2008.

Under a sequence principle, the auditor company's services will be paid by companies engaged in extractive industries.

A total of 25 oil and gas companies are participating in the memorandum of mutual understanding. Inpex Azerbaijan, Binagadi Oil, RAFI Oil and и Naftiran Intertrade Co. Limited companies joined the memorandum, as well.

Under a previous report for the first half-year of 2008, some $86.881 million and 1,681.218 manats from the oil and gas projects were handed over to Azerbaijan. The international auditors confirmed that Azerbaijan received 751.63 million dollars and 6984.74 million manats in 2003-2008.

On Feb.10, the official exchange rate is 0.8077 manat to $1.

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