OREANDA-NEWS. December 25, 2007. The Committee on Extractive Industries Transparency Initiative ("EITI") established by the Government of Azerbaijan to implement its obligations taken at the conference on EITI held in June 2003 in London, on 18 December, 2007 announced the release of the Government’s seventh EITI report (Jan-June 2007 assertion) audited by Moore Stephens, the independent Aggregator. The release is accompanied by the Aggregator’s opinion based on individual submissions of extractive industry companies participating in the EITI process in Azerbaijan, reported the press-centre of State Oil Fund.

The release of the Government’s seventh EITI report together with the Aggregator’s opinion follows presentation of the documents to the MOU parties on 18 December, 2007 and discussion on the outcomes of the reporting cycle.

The publication of Azerbaijan’s seventh EITI report follows the signing of a Memorandum of Understanding ("MOU") on November 24, 2004 between the Government of Azerbaijan, foreign and local extractive industry companies and a Coalition of some 95 local Non-Governmental Organizations ("NGO’s") and 13 physical persons for Increasing Transparency in Extractive Industries to implement EITI in Azerbaijan. The MOU set out a clear and independent process for the implementation of EITI in Azerbaijan and since its signing has served as the framework for implementation efforts by all parties.

According to the Aggregator “…Assertion of the Committee on the EITI of the Republic of Azerbaijan, that the schedule of payments/allocations received during the six months ended 30 June 2007 is prepared in accordance with the aforementioned requirements, is fairly stated in all material respects”.

The full report as well as the Aggregator’s opinion on the document has already been disclosed on web sites of the State Oil Fund: http://www.oilfund.az/?news=344.