SOFAZ: EITI successful cooperation between state and civil society (PHOTO)
Azerbaijan, Baku, March 2 / Trend E. Ismayilov /
The extractive industry transparency initiative is the most successful cooperation between the state, companies operating in the mining sector, and civil society, SOFAZ head Shahmar Movsumov wrote in a letter to the participants of a conference in Baku in Friday.
The letter was read out by SOFAZ representative Farid Farzaliyev.
Movsumov said great results have been achieved since Azerbaijan's participation in the initiative, in particular, the country first became a full member of the initiative and won the EITI award in 2009.
The participants are local and foreign companies working in oil and gas, as well as gold mining.
Special reports certified by the international rating agencies are being prepared in the country within the initiative. They reflect the revenues from the extractive industry. The prepared reports are regularly made public.
"We are proud of the achievements in this area," the letter said. "The work is conducted on a regular basis for further development in this direction."
SOCAR VP Suleyman Gasimov said SOCAR is an active participant in the initiative.
During the conference, Gasimov highlighted SOCAR's recent achievements. In particular, SOCAR has recently received the ratings of three world-renowned rating agencies. In February, SOCAR completed placing Eurobonds with high interest rates. Such a great interest in SOCAR's Eurobonds confirms its investment attractiveness given the
post-crisis situation and the current status of several European banks and companies.