OREANDA-NEWS. On March 05, 2008 the eighth reporting cycle on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan was launched at the meeting of the Selection Group, which was established in accordance with the Memorandum of Understanding signed between the governmental Committee on EITI, foreign and local extractive industry companies (oil and gas) and the NGOs’ Coalition for Increasing Transparency in Extractive Industries to implement EITI in Azerbaijan. The Group decided to send invitations to bid to the Azerbaijan offices of the world-known international audit companies.

An audit company will be selected to collate the 2007 annual reports submitted by the Azerbaijan government and oil and gas companies in accordance with the EITI implementation mechanism in Azerbaijan.

The payment to audit company will be reimbursed by extractive industry companies.