Grant Thornton to prepare report on transparency in Azerbaijan’s extractive industry

Grant Thornton to prepare report on transparency in Azerbaijan’s extractive industry

Baku, Azerbaijan, July 13

By Sara Israfilbayova – Trend:

The audit company Grant Thornton will prepare a consolidated report on transparency in Azerbaijan’s extractive industry for 2018-2019, Trend reports with reference to the State Oil Fund of Azerbaijan (SOFAZ).

The decision was made at a meeting of Azerbaijan’s Extractive Industries Transparency Commission (EITC), which took place July 12 in the SOFAZ.

Such audit companies as Grant Thornton, Baker Tilly, BDO Azerbaijan, Nexia EA LLC and ABAK-AZ Crovve Ltd. participated in the tender. Grant Thornton was recognized as the winner of the tender after the opening of letters with proposals and taking into account the opinion of the working group.

The scope of the EITC’s reports for 2018 was discussed at the commission’s meeting.

The meeting participants also exchanged views on the progress of the project “Application of a roadmap for disclosing information about beneficiaries in Azerbaijan’s extractive industry.”

After Azerbaijan announced its withdrawal from the Extractive Industries Transparency Initiative (EITI) in March 2017, national Extractive Industries Transparency Commission was set up.

The State Oil Fund of Azerbaijan was established in 1999, and its assets at that time amounted to $271 million.

According to the regulations on SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important problems.

The main objectives of SOFAZ consist of accumulating funds and allocating the Fund’s assets abroad for minimizing the negative impact on the economy, preventing the ‘Dutch disease’ to some extent, ensuring the accumulation of funds for future generations and maintaining current socio-economic processes in the country.

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Follow the author on Twitter: @IsrafilbekovaS

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