Azerbaijan, Baku, Feb. 26 / Trend , E.Ismayilov/
One of priorities for the State Oil Fund of Azerbaijan Republic (SOFAZ) is to assist other countries in the Extractive Industries Transparency Initiative (EITI). Azerbaijan is the first and only member of the Initiative, SOFAZ President Shahmar Movsumov said on Feb. 26. Kazakhstan, Yemen, Mongolia, Nigeria and other countries have applied to Azerbaijan in this connection.
EITI unites 26 members. Only Azerbaijan is a full member. The remaining states have the status of candidates.
"In the context of an established accountability system, we have extensive experience and, therefore, consider a priority for us to share our experiences with other countries. We have been asked in this regard," Movsumov said.
Azerbaijan has an opportunity to further improve the extractive industry accountability system. In the near future SOFAZ, foreign companies and the NGO Coalition will hold a meeting to discuss possible changes and improvements in this direction, he said.
EITI includes all extractive industries. Accountability covers not only the oil-and-gas industry, but also all types of extractive industries.
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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