Azerbaijan offers rules on definition of countries observing transparency initiative Executive Director of SOFAR

Oil&Gas Materials 6 April 2006 14:55 (UTC +04:00)

Azerbaijan has out an issue on selection of minimal standards, which could really distinguish the countries implementing the Extractive Industry Transparency Initiative (EITI) from those which only imitate it, the head of the commission on implementation of the EITI, also the Executive Director of the State Oil Fund of Azerbaijan (SOFAR), stated to a news conference titled EITI: experience of pilot countries.

According to the SOFARs Executive Director, some countries present extracts from the reports of the state statistics committees of their countries and present them to as reports on transparency initiative. At present a procedure confirming the implementation of the initiative by a country is under designing. It will implemented by independent experts.

Sharifov noted that the meeting on 5 April focused on a packet of proposals on EITI, as well as issue on the preparation for the third meeting on EITI due in Oslo, Norway.

A report on the transparency initiative on the first half-year will be submitted on 15 April 2006. It will be presented to an independent auditor. A report on the result of the last year will be submitted on 15 August.

However, the participants in the project should define the quotations on payment of auditor services. The auditor services comprise no more than $30,000 and firstly BP paid them. At present the companies are to coordinate the scale and size of the payment.