EITI Board Meeting decides to suspend status of Azerbaijan

Baku. 10 March. REPORT.AZ/ Delegation headed by the Executive Director of State Oil Fund of the Republic of Azerbaijan (SOFAZ), Chairman of government Commission on the Extractive Industries Transparency Initiative (EITI), Chairman of the EITI Multi-stakeholder Group Shahmar Movsumov participated at the 36th EITI Board Meeting held on March 8-9 in Bogota, Columbia.

Report was informed in the SOFAZ, during the meeting, participants discussed several issues and also made decision on the suspension of the status of four countries in EITI - Tajikistan, Kyrgyzstan, Solomon islands and Azerbaijan. Chairman of the government Commission and Multi-stakeholder Group Shahmar Movsumov made statement on the suspension of Azerbaijan’s status in EITI.

Notably, 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 was awarded the "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation.