SOFAZ to attend meeting of EITI Int’l Board

Oil&Gas Materials 29 January 2011 10:49 (UTC +04:00)

Azerbaijan, Baku, Jan. 29 / Trend E.Ismayilov /

Paris to host the next meeting of the International Board of Extractive Industries Transparency Initiative (EITI) in March, Executive Director of the State Oil Fund of Azerbaijan Republic (SOFAZ) Shahmar Movsumov said. SOFAZ is a member of the EITI, as well as a member of its International Board.

Azerbaijan is a member of the International Board for four years. The Paris meeting of the EITI International Board is expected to choose new governance. Azerbaijan has already submitted its candidacy for membership in the international governance.

Movsumov expressed confidence that Azerbaijan would be elected member of the board, given that the country is a leader in the EITI.

SOFAZ received a full member status following the evaluation process of the initiative realization in Azerbaijan, carried out by the Coffey International Development.

The EITI International Board has identified seven world-class companies - Coffey Int. Dev. Ltd., ECON, The IDL Group, Goldwyn Int Strategies, Hart Nurse Limited, Oxford Policy Management, PricewaterhouseCoopers and Accountability - to assess the application of initiatives in countries that have acceded to it.

SOFAZ also is a member of the Forum Sovereign Funds. Movsumov noted that the forum will continue its work in 2011 and the forum's next meeting, which will be attended by the delegation of SOFAZ, will be held in Beijing in May.