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Azerbaijani mining companies assume new obligations as part of EITI report

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Date: 25 December 2015 20:22

Baku, Azerbaijan, Dec. 25

By Anvar Mammadov – Trend:

The next meeting of the Multi-stakeholder Group (MSG) on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan was held on December 25, 2015, the State Oil Fund of the Azerbaijan Republic (SOFAZ) said Dec. 25.

During the meeting participants discussed execution of the 2015 EITI Work Plan, draft of the 2016 EITI Work Plan, draft of the Administrator’s opinion on the EITI Report for 2014, NGO Coalition’s research on SOCAR’s 2013 quasi-fiscal operations and draft of the MSG Ethical Code.

The meeting participants also discussed and made decisions on number of important issues, including execution of Activity Plan for restoration of Azerbaijan’s EITI Compliant Country status, defining the materiality of compulsory social insurance payments by companies to the State Social Protection Fund (SSPF) and its inclusion into contextual information of the EITI Report.

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.

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