Crown Prince Haakon Magnus: Azerbaijan and Norway can exchange experience in managing oil and gas revenues

The management of revenues from the oil industry can bring many benefits to society. It should be based on strong and accountable institutions, political consensus and responsible management of resources, Crown Prince Haakon Magnus of Norway said in Baku during the seminar "EITI: transparency, accountability and proper management of oil revenues".

The seminar was organized by the State Oil Fund of Azerbaijan and the Embassy of Norway in Azerbaijan.

He said in this light, Azerbaijan and Norway may be helpful to each other in the exchange of experiences.

Norway's policy in the sphere of oil resources since the discovery of the first reserves in late 1960 is designed for a long-term effect. The main item of the Norwegian petroleum legislation says that the energy resources should serve to improve living standards, improve employment, support environmental protection and develop production, said Magnus.

"Transparency, accountability and effective management of resources are the main principles. But to succeed it is also important to involve all sectors of society, including civil society," said the Crown Prince.

He said an important challenge for government is to transform resources into long-term prosperity of the society, to balance current needs with the needs of tomorrow.

No country, rich in energy resources, has easy solution to how effectively manage resources, "but we have the experience that we can share," said Crown Prince.

Azerbaijan and Norway made and realized EITI initiative, which is a platform for dialogue between governments, companies and civil society, said Magnus.

"Our responsibility is to manage resources properly, creating a long-term growth for the benefit of all people, focusing on health, safety and environment. Our common ambitious goal should be to create conditions in which future generations would be able to enjoy all the benefits from the resources of the country," the Crown Prince said during the seminar.


/Trend/