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EITI expands candidates for full-right membership

Oil&Gas Materials 16 February 2010 17:18 (UTC +04:00)
The Committee on Extractive Industries Transparency Initiative (EITI) expanded the number of candidates for full membership, the State Oil Fund of Azerbaijan (SOFAZ) reported today.
EITI expands candidates for full-right membership

Azerbaijan, Baku, Feb.16 / Trend E.Ismayilov /

The Committee on Extractive Industries Transparency Initiative (EITI) expanded the number of candidates for full membership, the State Oil Fund of Azerbaijan (SOFAZ) reported today.

At present, 30 countries participate in EITI, Azerbaijan and Liberia are full members.

Iraq and Afghanistan were conferred the status of candidates for EITI's full members by the EITI International Board at the 11th session held in Oslo, Feb.9-10. The Chairman of the Committee on EITI, SOFAZ CEO Shahmar Movsumov  presented Azerbaijan at the session. 

The twelfth reporting cycle on implementation of EITI was launched in Azerbaijan. The report will be prepared after selecting an auditor on the basis of checking the oil and gas industry companies' data and the revenues of the Azerbaijani government

The Committee on EITI holds a new tender for each reporting period and approves an audit company at the joint meeting of local and foreign oil and gas companies and the EITI Coalition.

The first, second, fourth, fifth and tenth reports on EITI was prepared by Delloitte & Touche, sixth, seventh, eighth, ninth and eleventh - Moore Stephens, and the third - AGN MAK Azerbaijan LTD (which is part of the group of companies Accountants Global Network). The memorandum of understanding involves 26 oil and gas companies.

Under a previous report for the first half-year of 2009, some $62.207 million and 355.996 million manats from the oil and gas projects were handed over to Azerbaijan

The international auditors confirmed that Azerbaijan received $851.386 million and 8198.567 million manats in 2003-2008.

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