Oil Fund’s executive director: ‘Azerbaijan is not afraid of transparency’


December 8, Fineko/abc.az. Azerbaijan announced its withdrawal from the EITI (Extractive Industries Transparency Initiative), but remained loyal to the principles of organization and principles of transparency.

Such a statement was made by Shahmar Movsumov, executive director of the State Oil Fund of Azerbaijan, at the presentation of the report of the SOFAZ Commission on Transparency in the Extractive Industries.

Movsumov said that Azerbaijan acceded to the Initiative in 2003. For the past period the public was presented all the materials on the oil production.

"During this period we’ve published more than 20 reports as part of EITI. Despite that, double standards have been applied towards Azerbaijan. Since 2013 our country has observed application of double standards and biased position from the EITI," Movsumov stated.

He also noted that Azerbaijan is not afraid of transparency.

"The EITI Commission was established in the country. After our withdrawal from the EITI we’ve prepared a more extensive report. We’ve engaged an independent auditor to this process. Some new data has been added to the report. The report reflects details of SOCAR’s social expenditures. Besides, the report has included major innovations for the extractive industry and the share production agreements. In short, despite its withdrawal from the EITI, Azerbaijan remains faithful to the principles of organization and principles of transparency," the SOFAZ executive director emphasized.