ECONOMY


SGC Upstream joins EITI implementation process in Azerbaijan

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Baku, November 13, AZERTAC

SGC Upstream became 39th extractive sector company that joined Memorandum of Understanding (MOU) on implementation of the Extractive Industries Transparency Initiative (EITI) in Azerbaijan by signing the Instrument of Accession to MOU. SGC Upstream will submit the 2014 EITI report on payments to the government of Azerbaijan (19th EITI report).

On June 10, 2014 38 local and foreign companies operating in extractive industries of Azerbaijan signed new Memorandum of Understanding in line with EITI Standard accepted at the 6th EITI Global Conference held in 2013.

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 is the first ever country to complete validation process and designated as EITI Compliant Country. Azerbaijan was awarded the "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation.

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