This Press release is jointly prepared by Committee on EITI, extractive industry (oil and gas) companies and Non-Governmental Organizations (NGOs) Coalition for Increasing Transparency in the Extractive Industries of Azerbaijan.

The Committee on Extractive Industries Transparency Initiative ("EITI") established by the Government of Azerbaijan to implement its obligations taken at the conference on EITI held in June 2003 in London, on 18^th August, 2006 announced the release of the Government's fourth EITI report (Jan-Dec 2005 assertion) audited by Deloitte, the independent Aggregator. The release is accompanied by the Aggregator's opinion based on individual submissions of extractive industry companies participating in the EITI process in Azerbaijan.

The publication of Azerbaijan's fourth EITI report follows the signing of a Memorandum of Understanding ("MOU") on November 24, 2004 between the Government of Azerbaijan, foreign and local extractive industry companies and a coalition of some 90 local Non-Governmental Organisations ("NGO's") for Increasing Transparency in Extractive Industries to implement EITI in Azerbaijan. The MOU set out a clear and independent process for the implementation of EITI in Azerbaijan and since its signing has served as the framework for implementation efforts by all parties.

According to the Aggregator "...Assertion of the Committee on the EITI of the Republic of Azerbaijan, that the schedule of payments/allocations received during the year ended 31 December 2005 is prepared in accordance with the aforementioned requirements, is fairly stated in all material respects".

The full report as well as the Aggregator's opinion on the document has already been disclosed on the State Oil Fund (SOFAZ) and the EITI Secretariat of the UK Department for International Development (DFID) and the Non-Governmental Organizations (NGOs) Coalition for Increasing Transparency in the Extractive Industries of the Republic of Azerbaijan

The release of the Government's fourthEITI report together with the Aggregator,s opinion follows presentation of the documents to the MOU parties on the 16th 2006 and discussion on the outcomes of the reporting cycle.

Last correction date of the file: 26/12/2009 - 14:54:45