ECONOMY


Extractive Industries Transparency Commission holds meeting

Baku, November 6, AZERTAC

Extractive Industries Transparency (EIT) Commission has today held a meeting at the State Oil Fund of the Republic of Azerbaijan with the participation of representatives of civil society and extractive companies operating in Azerbaijan.

During the meeting the draft EIT Report 2017 was presented to the participants. The Report includes information on reconciliation of the Government’s revenues from the extractive companies and payments of these companies to the Government, as well as other significant information on extractive industry of Azerbaijan and activities of the state-owned enterprises.

Additionally, the execution status of the project on Beneficial Ownership disclosure, EIT Mainstreaming – integration of the EIT into the government agencies’ routine work were discussed. Presentations were made by the civil society representatives regarding the project on preparation of the Azerbaijan Standard for EIT reporting, determining the level of participation of civil society institutions in establishment and implementation of EIT system and analysis on compliance of reports and disclosures on extractive companies’ payments on oil, gas and other extractives to the Government and Government’s receipts from extractive companies with principles and criteria of April 5, 2017 Decree.

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