Azernews.Az

A delegation headed by the Chairman of the National EITI Committee, a member of the EITI International Board and the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov is participating at the 6th EITI Global Conference on May 23-24 in Sydney, SOFAZ said.

Various issues, including re-election of the EITI Board, achievements on EITI implementation in different countries and election of new members were discussed during the conference.

Azerbaijan was elected to the EITI International Board.

Cote d'Ivoire and Togo were accepted as EITI Compliant countries according to the EITI validation process. The Philippines and Honduras were accepted as Candidate countries. France and the United Kingdom announced their will to implement the EITI, the global standard for transparency of government revenues from natural resources.

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 is the first ever country to complete validation process and is designated as EITI Compliant Country. Azerbaijan was awarded the "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation.