World Bank calculated Azerbaijan’s oil and gas incomes since 2003

Since 2003 the Azerbaijani government has made $73 billion from the extractive industry, Larisa Leshenko, World Bank  (WB) Manager for Azerbaijan, said at the XVIII session of the Coalition of the Extractive Industry Transparency Initiative (EITI).

She said since Azerbaijan when Azerbaijan has prepared its first report on EITI till now the country has submitted 12 reports, which included this data.

“The main question is how these funds are distributed and if they reach the population. For this purpose we need to improve the EITI accountability,” Leshenko said.

She said since January 2017 each country must submit the road map, which will be used to distribute information.

“This is not a recommendation, but a demand to all the countries. We need transparency and responsibility in use of funds,” Leshenko said.

* According to the State Oil Fund of Azerbaijan (SOFAZ), since 2001 till April 1, 2016 the country has received $118,146,000,000 from the Azeri-Chirag-Guneshli (ACG) oil project and since 2007 $2,483,000,000 from the Shah Deniz project.—0—