Extractive Industries Transparency Commission held its first meeting in new composition

May, 21 2019

On May 21, 2019 the Extractive Industries Transparency Commission (EITC),  composed of newly appointed members under the Decree of the President of the Republic of Azerbaijan dated May 3, 2019, held its first meeting at the State Oil Fund of the Republic of Azerbaijan with the participation of representatives of civil society, extractive companies operating in Azerbaijan and international organizations.

During the meeting, discussions on issues as disclosure of Production Sharing Agreements (PSAs), EIT Commission’s Activity Plan for 2019, scope of EIT Reports for 2018 and reporting period, list of reporting extractive companies, activities executed under the project on the Roadmap for the Beneficial Ownership Disclosure by consultants were held and relevant decisions were made.

In addition, the decision was made on establishing Working Group (composed of representatives from EITC, civil society and local and foreign extractive companies operating in Azerbaijan) for the preparation of EIT report 2018, as well as, reporting templates and Terms of Reference for the selection of  Independent Auditor to prepare EIT 2018 Report were discussed and approved.

The Extractive Industries Transparency Commission established by according to the Decree of the President of the Republic of Azerbaijan "On additional measures to increase transparencey and accountability in the extractive industry" number 1315 dated April 5, 2017. The Commission on the basis of international principles implements the application of the principles of transparency and accountability in the extractive industry of the country and cooperates with extracting companies, civil society, experts and international organizations.

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