TODAY.AZ / Business

SOCAR dual status causes conflict of interests

15 May 2007 [09:23] - TODAY.AZ
NGO Coalition "To Improve Transparency in the Extractive Industry" coordinator Gubad Ibadoghlu told a press conference that the State Oil Company of Azerbaijan (SOCAR) is responsible for capital expenditures as a representative of the government in oil development agreements with foreign companies.

"The SOCAR is both the customer (the representative of the government of Azerbaijan) and executer in these contracts. This kind of dual status causes conflict of interests. A trilateral commission composed of representatives from the Azerbaijan International Operating Company, the Government and the NGO Coalition has to be established to investigate the reasons increasing capital spending," he noted.

/APA/

URL: http://www.today.az/news/business/40855.html

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