Azernews.Az

By Laman Ismayilova

A round table on “EITI Mainstreaming” was held at Azerbaijan’s oil fund SOFAZ on February 2, Azertac reported.

Head of the EITI International Secretariat Jonas Moberg, Executive Director of SOFAZ Shahmar Movsumov, the World Bank Country Manager for Azerbaijan, Europe and Central Asia Naveed Hassan Naqvi, members of the World Bank, ADB, EBRD, NRGI, Government, NGO Coalition and local and foreign extractive companies attended the round table.

The participants made discussions on the provision of EITI Mainstreaming concept to the public, bringing together all stakeholders and application of this concept and its benefits to the country.

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 was awarded the "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation.

SOFAZ, which is engaged in accumulation and management of oil and gas revenues of the country, was established in 1999 with assets of $271 million.

SOFAZ revenues for 2017 was approved at 8,370 billion manats and expenditures at 14,484 billion manats.

Based on SOFAZ's regulations, its funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

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Laman Ismayilova is AzerNews’ staff journalist, follow her on Twitter: @Lam_Ismayilova

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