admin June 29, 2016

The Multi-stakeholder Group (MSG) meeting on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan was held on June 29, 2016 at the State Oil Fund of the Republic of Azerbaijan (SOFAZ).

During the meeting, the participants discussed the next Validation process and 2015 EITI Progress Report.

The meeting participants also discussed the results of the request for proposals on selection of the independent administrator (auditor) company for EITI reports covering the years 2015, 2016, 2017 (20, 21, 22nd EITI report). The Multi-Stakeholder Group decided that Moore Stephens will carry out the administration (gathering the information from mining companies and reconciling the figures) of reports for next 3 years.

During the MSG meeting Baker and McKenzie was selected to provide legal and counselling services on the preparation of a Road Map for the disclosure of information on Beneficial Ownership in extractive sector.

EITI is a special multilateral and voluntary initiative, supported by a coalition of companies, governments, investors and civil society organizations and global standard for improved transparency in the oil, gas and mining sector. Azerbaijan joined EITI in 2003. Azerbaijan was awarded the “2009 EITI Award” for its commitment to EITI principles and criteria and achievements in EITI Implementation.

Source: Trend