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Azerbaijan meets EITI standards: SOFAZ

Oil&Gas Materials 13 February 2009 16:53 (UTC +04:00)

Azerbaijan, Baku, Feb. 13 / Trend , E.Ismayilov/

Assessment has revealed that Azerbaijan is fully consistent with all principles of Extractive Industries Transparency Initiative (EITI). So, the country has opportunity to become the first full EITI member, State Oil Fund of Azerbaijan Republic Executive Director Shahmar Movsumov said on Feb. 13

Azerbaijan's membership may be approved next week in Doha, Qatar, at the EITI Fourth International Conference.

"We are very hopeful that next week Azerbaijan will become a full member of EITI," said Movsumov.

According to report on the December 2008 assessments, Azerbaijan is fully consistent with all EITI standards, he said.

Azerbaijan will become a full EITI member among 23 candidates. "The status of full member once again confirms that Azerbaijan's oil and gas revenues are completely transparent and are transparently managed and reported," said Movsumov.

Deloitte will develop the 10th EITI report on 2008 outcomes in near future.


Deloitte held audits for 2003, 2004, 2005 and the first half of 2006; AGN Mak Azerbaijan LTD (part of Accountants Global Network) developed a report on the first half of 2005. Moore Stephens designed reports for 2006 and 2007 and the first half of 2008.

In line with queue principles, companies involved in extractive industries will pay for the audit.

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