MEOD of SOCAR adjourns tender on selection of auditor of balance account

Oil&Gas Materials 23 December 2005 18:07 (UTC +04:00)

The Marketing and Export Operations Department of the State Oil Company of Azerbaijan (SOCAR) adjourned the tender on selection of an auditor for the 2005 preliminary balance sheet, the SOCAR told Trend.

The tender was delayed in connection with less number of applicants. The tender will be closed on 9 January 2006, a source at SOCAR told Trend.

The Cabinet of Ministers of Azerbaijan issued an edict on inclusion of the MEOD SOCAR into the list of the companies, which are to turn to the international standards of the financial accountability from 1 January 2008. SOCAR noted, for transition to the new system from 1 January 2008 Ernst &Young recommended to conduct in 2006 evaluation of SOCAR MEOD main assets by the recognized assessors and audit of the preliminary balance report for 31 December 2005, including the results of the main assets assessment. In 2007 the MEOD should design a full package of preliminary financial accountability, which included balance sheet, a report on changes to its capital and report on circulation of capital.