Azerbaijan, Baku, Dec. 21 / Trend /
The meeting of the Multi-stakeholder Group (MSG) on implementation of Extractive Industries Transparency Initiative (EITI) was held at the Azerbaijani State Oil Fund (SOFAZ) on December 21, 2012, SOFAZ said today.
Amendments to the Memorandum of Understanding on EITI Implementation in the Republic of Azerbaijan, auditor company reconciliation procedure, report on execution of orders of MSG, conduct Validation in Azerbaijan in 2014 and other issues on EITI implementation in Azerbaijan were discussed at the meeting.
Implementation of "spot-check" method for increase of data reliability in reports was decided 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.