ECONOMY


Extractive Industries Transparency Commission holds its first meeting in new composition

Baku, May 21, AZERTAC

On May 21, the Extractive Industries Transparency Commission (EITC), composed of newly appointed members under the Decree of the President of the Republic of Azerbaijan dated May 3, 2019, held its first meeting at the State Oil Fund of the Republic of Azerbaijan with the participation of representatives of civil society, extractive companies operating in Azerbaijan and international organizations.

During the meeting, discussions on issues as disclosure of Production Sharing Agreements (PSAs), EIT Commission’s Activity Plan for 2019, scope of EIT Reports for 2018 and reporting period, list of reporting extractive companies, activities executed under the project on the Roadmap for the Beneficial Ownership Disclosure by consultants were held and relevant decisions were made.

In addition, the decision was made on establishing Working Group (composed of representatives from EITC, civil society and local and foreign extractive companies operating in Azerbaijan) for the preparation of EIT report 2018, as well as, reporting templates and Terms of Reference for the selection of Independent Auditor to prepare EIT 2018 Report were discussed and approved.

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