An OSCE-supported meeting focusing on Azerbaijan's compliance with the Extractive Industries Transparency Initiative (EITI) was held in Baku on Tuesday, OSCE official website reported.
EITI is a mechanism for disclosing oil and gas industry revenue to improve the transparency and accountability of public finance management, a report said.
Azerbaijan was among the first countries to endorse the Initiative in 2003, and the first to receive compliant status from the International EITI Board in 2009.
Representatives of the relevant state agencies, international organisations, private companies and civic organisations gathered to discuss new EITI standards and ways to overcome obstacles for their implementation.
Deputy Head of the OSCE Office in Baku, Monica Martinez underlined the organisation's interest in supporting this initiative.
"The OSCE Declaration on Good Governance adopted at the Dublin Ministerial Council in 2012 recognised the importance of the extractive industries transparency. This year, the Ukrainian chairmanship has also defined sustainable energy as one of its key priorities and the Initiative is therefore of particular relevance," Martinez added.
The OSCE Office in Baku co-ordinated the organisation of today's event with Azerbaijan's State Oil Fund, Revenue Watch Institute and the Association for Free Economy, the co-ordinator for the EITI NGO Coalition.
The Office also provided an expert contribution to the analysis of the EITI implementation status between Azerbaijan and other compliant countries.