TODAY.AZ / Business

Azerbaijan adopts new reporting system within EITI

11 June 2014 [14:30] - TODAY.AZ
Azerbaijan launched a new phase of reporting (for 2013) in the framework of the Extractive Industries Transparency Initiative (EITI), the State Oil Fund of Azerbaijan reported.

As SOFAZ Executive Director Shahmar Movsumov said earlier, in accordance with the new EITI standard, reports will not feature total volume of transactions in the mining industry, but contributions of each company which joined to the corresponding memorandum.

The memorandum was signed on November 24, 2004 joining 21 foreign and local mining companies, including such major companies as SOCAR, BP Azerbaijan, Exxon, Statoil, Total, Lukoil, Unocal, Shell, Devon Enerji to the EITI.

Inpex Azerbaijan, Binaqadi Oil, RAFI Oil, NICO, Apsheron Investment Ltd and GDF SUEZ Exploration Caspian BV, Azerbaijan International Mining Company, which is engaged in gold mining in Azerbaijan, Neftechala Operating Company Ltd, as well as Shirvan Operating Company Limited ultimately joined the memorandum.

As the report of the State Oil Fund said, the transition to the new reporting system was possible with the signing of a MoU among the Extractive Industries Transparency Initiative Commission, foreign and local companies working in this area and the NGO Coalition.
Azerbaijan joined to the EITI process in 2003.

Azerbaijan was the first country, passing the EITI evaluation process and obtaining a full member status of the EITI. Azerbaijan was awarded by the EITI in 2009 for full compliance of with the EITI principles and criteria and achievement of success in the sphere of their application the country.



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