Next week the Executive Director of the State Oil Fund of Azerbaijan (SOCAR), Shahmar Movsumov will leave for Oslo to participate in the Third International Conference on the Extractive Industry Transparency Initiative (EITI), Trend reports.
Earlier, Azerbaijan received an official invitation to participate in the composition of EITI to be formed within the conference in Oslo. Membership was proposed to Azerbaijan as a county which produced 4 reports on EITI so far and is currently working on its 5th.
The Board includes representatives of 5 countries where the EITI is applicable, three countries supporting the EITI, 5 NGOs, 5 companies involved in the extractive industry and 1 investment company.
The Board will be established for further co-ordination of the EITI's activities. The major function of the Board is to ensure the control and development of recommendations on the efficient application of EITI, strategic direction and general development of initiatives.