Bahar Operating Company Limited joins EITI implementation process in Azerbaijan

Bahar Operating Company Limited became the 31st extractive sector company that joined Memorandum of Understanding on implementation of the Extractive Industries Transparency Initiative in Azerbaijan by signing the Instrument of Accession to MOU on Feb. 11, 2011, SOFAZ reported.

Bahar Operating Company Limited will submit the 2010 annual report on payments to the government of Azerbaijan.

The State Oil Company of the Azerbaijan Republic (SOCAR) signed a PSA contract with Bahar Energy Limited for the exploration, rehabilitation and development of the Bahar and Gum Deniz offshore fields in the Azerbaijan sector of the Caspian Sea in December 2009. Bahar Energy Limited was registered in the Jebel Ali Free Trade Zone in the UAE.

The National Committee on EITI, 21 foreign and local extractive industry companies and non-governmental organizations signed MOU on Nov.24, 2004. Inpex of Japan, Binagadi Oil, RAFI Oil, NICO, Apsheron Investment Ltd, GDF SUEZ Exploration Caspian B.V., Azerbaijan International Mining Company limited. Neftechala Operating Company Limited and Shirvan Operating Company Limited joined MOU later by signing the Instrument of Accession.


/Trend/