On September 8, the Selection Group from the representatives Governmental Commission for EITI, local and foreign companies functioning in the extractive industry in Azerbaijan and Coalition for Increasing Extractive Industry Transparency signed memorandum on applying Extractive Industry Transparency Initiatives (EITI) in Azerbaijan held a meeting. During the meeting, the preparation of the fifth report within EITI was started, Trend reports quoting the press-release of the State Oil Fund of Azerbaijan.
According to the decision of the Selection Group, invitations will be forwarded to internationally recognized auditor companies functioning in Azerbaijan to participate in the competition for preparing a report for the first half of 2006 within Transparency Initiatives.
After selection of auditor, a date will be fixed, within which it will be required to complete the report. It will be prepared on base of comparing the reports of the companies functioning in oil and gas industry, and the government of Azerbaijan.
For 2003 and 2004, the audit was held by Deloytte company, and the report for the first half year was prepared by AGN Mak Azerbaijan LTD. The report for 2005 was also prepared by Deloytte & Touche.