Moore Stephens to Prepare Report on Azerbaijan in Framework of Extractive Industries Transparency Initiative Again

Reports for 2016 and 2017 on Azerbaijan's participation in the Extractive Industries Transparency Initiative (EITI) will be prepared by the international audit company Moore Stephens. Provision of legal and consulting services to prepare a road map for the disclosure of information on beneficial owners in the mining industry will be the responsibility of Baker & McKenzie International Company.

According to the report by the State Oil Fund of Azerbaijan (SOFAZ), the decision was taken at a meeting of the multilateral group of the national EITI. According to the procedure, the companies will have to report on the transfers, and the auditor will verify the reports of the companies and the Azerbaijani government on the income.

Recall that since 2003, when Azerbaijan joined the EITI, the reports have been prepared by Deloitte & Touche, Moore Stephens and AGN MAK Azerbaijan Ltd.

The memorandum involves such major players in the local mining industry as SOCAR, BP Azerbaijan, Exxon, Statoil, Total, Lukoil, Unocal, Shell, Devon Energy, and Azerbaijan International Mining Company (total 39 companies).

In April 2015 at a meeting in Brazzaville EITI lowered the status of Azerbaijan after the discussion of the evaluation report. Full membership was reduced to the level of candidacy due to the fact that government agencies from 2010 had not cooperated with non-governmental organizations, though everything went well before. Thus, in 2009 for full compliance with the principles and criteria and achievements in their implementation, Azerbaijan was even awarded an EITI award. --17D-