Neftechala Operating Company Ltd joins EITI implementation process
Azerbaijan, Baku, March 5 / Trend /
Neftechala Operating Company Ltd became 29th extractive sector company that joined Memorandum of Understanding on implementation of the Extractive Industries Transparency Initiative in Azerbaijan by signing the Instrument of Accession to MOU March 03, 2010, the State Oil Fund of Azerbaijan Republic (SOFAZ) reported.
Neftechala Operating Company Ltd will submit the 2009 annual report on payments to the government of Azerbaijan.
Earlier, the meeting of the multilateral group within the EITI adopted a candidacy of the international accounting firm Moore Stephens for the preparation of 12 reports on the results of 2009. After the auditors' appeal to the companies operating in the oil and gas industry, they must submit reports on the transfers and the auditor in turn, will reconcile the reports of companies and the Azerbaijani government on income.
After AIMC joins the EITI, the number of companies that have signed a memorandum reached 29. The National Committee on EITI, 21 foreign and local extractive industry companies and non-governmental organizations signed MOU Nov.24, 2004. Inpex of Japan, Binagadi Oil, RAFI Oil, NICO, Apsheron Investment Ltd, GDF SUEZ Exploration Caspian B.V. and Azerbaijan International Mining Company limited joined MOU later by signing the Instrument of Accession.