Grant Thornton preparing transparency report in Azerbaijan’s extractive industry
BAKU, Azerbaijan, Nov.18
By Leman Zeynalova – Trend:
Grant Thornton International Ltd, a UK-based audit company has started preparing a consolidated report on transparency in Azerbaijan’s extractive industry for 2018, the State Oil Fund of Azerbaijan (SOFAZ) told Trend.
“Grant Thornton has already started to work on the report for 2018, which is planned to be completed by late 2019,” SOFAZ said.
Grant Thornton became a winner of the corresponding tender in competition with such companies as Baker Tilly, BDO Azerbaijan, Nexia EA LLC and ABAK-AZ Crovve Ltd.
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.
Grant Thornton International Ltd is one of the world's leading global networks, with member firms in more than 135 countries. Grant Thornton Azerbaijan was established in 2010, and is governed by Farouk Mohammed, Managing Partner. Based in Baku, it provides audit, tax, and advisory skills to privately owned, publicly listed and public-sector clients.
Follow the author on Twitter:@Lyaman_Zeyn