ECONOMY


EITI Multi-stakeholder Group holds next meeting

Baku, December 6, AZERTAC 

A meeting of the Multi-stakeholder Group (MSG) on implementation of the Extractive Industries Transparency Initiative (EITI) in Azerbaijan has been held at the State Oil Fund of the Republic of Azerbaijan (SOFAZ).

The EITI Board’s decision and corrective actions for Azerbaijan, EITI impact analysis in Azerbaijan, assessment of the materiality of payments to State Social Protection Fund by companies in 2015, the definition of quasi-fiscal expenditures and the final draft of the Roadmap for disclosing of beneficial ownership information were discussed and appropriate decisions were made during the meeting.

Report of the Government of the Republic of Azerbaijan about aggregated receipts from the extractive industries (2015) reconciled by Moore Stephens was also presented to MSG members.

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.

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