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Int'l auditor to prepare 13th report on EITI for Azerbaijan defined

Oil&Gas Materials 30 June 2010 10:12
The Multi-stakeholder Group (MSG) on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan held meeting on June 29, 2010.
Int'l auditor to prepare 13th report on EITI for Azerbaijan defined

Azerbaijan, Baku, June 26 / Trend E.Ismayilov /

The Multi-stakeholder Group (MSG) on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan held meeting on  June 29, 2010. EITI reports covering first six months of the year 2010 (13th EITI reporting cycle) will be collated by Moore Stephens following the unanimous decision of the MSG, based on a tender announced, where three companies (PricewaterhouseCoopers, Moore Stephens, Baker Tilly Audit Azerbaijan) took part.

The Coalition of Azerbaijan Non-Government Organization for Improving Transparency in Extractive Industries presented Opinion on the 12th EITI report (2009, annual) and Independent Accountant's report, Companies Group made a presentation on the units of measurement of associated gas. These issues were discussed at the meeting.

EITI is a special multilateral and voluntary initiative, supported by a coalition of companies, governments, investors and civil society organizations and global standard for improved transparency in the oil, gas and mining sector. Azerbaijan joined EITI in 2003. Azerbaijan is the first ever country to complete validation process and designated as EITI Compliant Country. Azerbaijan was awarded the "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation.

Based on the report, in 2009 the Azerbaijani government received $107.523 million and 1,289.894 million manat from oil and gas projects.

Over the period 2003-2008, the government revenues have been confirmed at the level of $851.386 million and $8,198.567 manat.

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