Azerbaijan, Baku, April 9 / Trend /
According to the Multi-stakeholder Group on implementation of Extractive Industries Transparency Initiative (EITI), significant deductions must be indicated in the reports on transferring of the companies operating in the extractive industry, the State Oil Fund of Azerbaijan (SOFAZ) reported on Monday.
The meeting of the Multi-stakeholder Group (MSG) on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan was held on April 9, 2012.
Determination of the concept of material payments and inclusion of these payments in EITI reports were agreed. Preparation of EITI reports in accordance with new rules on EITI implementation and various issues on EITI implementation in Azerbaijan were discussed at the meeting.
"Azerbaijan adheres to all EITI recommendations," SOFAZ told Trend. "All deductions made by the companies operating in the extractive industry above zero refer to significant deductions in Azerbaijan. The data on these deductions must be indicated in EITI reports."
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.