EITI will issue reports on Azerbaijan through new mechanism in 20111
Azerbaijan, Baku, Nov. 23 / Trend E.Ismayilov /
A new mechanism for the announcement of the report on Azerbaijan in the framework of the Extractive Industries Transparency Initiative (EITI) will be launched in 2011, the State Oil Fund of Azerbaijan Republic (SOFAZ) reported.
The Multi-stakeholder Group EITI agreed to disclosure a report on Azerbaijan once a year. It was decided at the meeting to switch from twice-a-year reporting (where semi-annual and annual reports were prepared) to once-a-year annual EITI reporting.
The EITI will shift to new method after preparation and announcement of the latest report for 2010.
The Committee on EITI endorsed the 13th EITI report for the first half of 2010 in October. The report was prepared by the international accounting firm Moore Stephens.
This report also reflects the data of the company operating in the mining of gold and silver for the second time.
Based on the report, the government was delivered by foreign companies 108.750 million barrels of oil and 1.709 bn cu m of gas, and transferred 670.987 million - $111.449 million ($38.288 million for oil cost, $66.8 million for gas value and $3.482 million as signature and other bonuses, $5.344 million on other payments and $996,000 on acre payments) and 420.995 million of profit tax.
The report also covers government's natural earnings within the PSAs for development of gold fields, totaling 3.54 million ounces of gold and 2,057 ounces of silver.
The government was transferred from domestic companies 64.168 million of royalty, 81.759 million of profit tax, 43.865 million of VAT, 9.5 million of land tax, 12.809 million of property tax, 37.575 million of price difference and 316,000 of other taxes.
In 2003-2009, the government revenues are affirmed at 958.909 million and 9.488.461 million manat.
Delloitte & Touche made the 1st, 2nd, 4th, and 5th EITI reports, Moore Stephens the 6th, 7th, 8th, and 9th ones, Deloitte & Touche the 10th, and Moore Stephens 11th, 12th and 13th.
The official exchange rate is 0.799 manat to $1 Nov. 23.