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Azerbaijan drafts first report on transparency in extractive sector beyond EITI [UPDATE]

8 December 2017 11:50 (UTC+04:00)
Azerbaijan drafts first report on transparency in extractive sector beyond EITI [UPDATE]

By Sara Israfilbayova

The first report on transparency in the extractive sector prepared by Azerbaijan beyond the Extractive Industries Transparency Initiative (EITI) is even more detailed than the reports created during the EITI membership period.

Head of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov made the remark on December 8 in Baku, during the presentation of the final report on transparency in the Azerbaijani extractive industry for 2016, prepared by Moore Stephens.

He said that during the period when Azerbaijan was an EITI member, the country regularly made the data on transparency public.

"During this period, we prepared more than 20 reports within the EITI,” he said. “Nevertheless, Azerbaijan faced double standards and prejudiced position in the organization. As a result, a decision was made to withdraw from EITI.”

“Azerbaijani President Ilham Aliyev signed a decree on additional measures in early April 2017 in connection with an increase in reporting and transparency in the extractive industry, the main item of which was the establishment of the Extractive Industries Transparency Commission.”

“We attracted the international auditor and included the new data into the report,” he said. “Social expenditures of Azerbaijan’s state oil company SOCAR, information on PSA are described in details. Azerbaijan remained committed to the principles of transparency.”

During the presentation it was noted that in 2016, 127.38 million barrels of oil, accounting for Azerbaijan and the country’s state oil company SOCAR in the amount of $5.53 billion, were sold in the world markets.

The biggest buyers of oil of Azerbaijan and SOCAR in 2016 were Exxon (14.55 million barrels worth $631.78 million), TOTSA (10.46 million barrels worth $421.1 million), ENI (7.38 million barrels worth $305.76 million), Petrofac (5.86 million barrels worth $246.57 million), Glencore (5.29 million barrels worth $239.13 million) and BP (3.89 million barrels worth $181.18 million).

Moore Stephens International Limited is a global accountancy and consultancy network with its headquarters in London.

Since Moore Stephens London was founded a century ago, Moore Stephens International Limited has grown to be one of the largest international accounting and consulting groups worldwide. Today, the network comprises 626 offices in 108 countries throughout the world, incorporating 27,997 people and with fees of more than $2.742 billion.

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