The Accounting Chamber of Azerbaijan intends to strengthen its financial administration. For these purposes two bills have been worked out, said the Chairman of the Chamber Vugar Gulmammadov.
According to him, together with the Ministry of Finance the draft law "On State Financial Control" was worked out, aimed at clarifying the powers of the bodies involved in financial control, and improvement of the relevant legal framework.
"In addition, there is a more modernized version of the law "On the Accounting Chamber" meeting the international standards of reporting," he said.
The Accounting Chamber of Azerbaijan is accountable to the country's parliament, effective since December 7, 2001 as the authority controlling the flow of state budgetary funds in AR.
Senior officials (members of the Bar, which consists of the chairman, his deputy and seven auditors) are elected every 7 years.
This entity is usually limited to generalities about the board meeting, without giving specific figures or data. According to Article 6.0.3 of the Law of AR "On receipt of information" ("Basic principles of information"), disclosure of budget revenues and expenditures is the responsibility of government agencies, including the Accounting Chamber. --17D-
Economics
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), and Oleg Korobchenko, Deputy Prime Minister and Minister of Industry and Trade of the Republic of Tatarstan, discussed cooperation and expressed satisfaction with the partnership between SOCAR and the Russian oil company Tatneft.
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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