oil fund


EITI reports’ audit is tendered 13.11.2003

EITI reports’ audit is tendered 13.11.2003

Extractive Industries Transparency Initiative (EITI) reports' tender has been accounced by the State Oil Fund of the Republic of Azerbaijan following the decision of the Selection Group to approve invitation to bid and Terms of Reference for Audit. Deadline for submission of bids is 6 p.m. December 16, 2004.

The Selection Group was established in accordance with theMemorandum of Understanding signed between the governmental Committee on EITI, foreign and local extractive indusry companies (oil and gas) and the NGOs' Coalition for Increasing Transpareny in Extractive Industries to implement EITI in Azerbaijan. The group comprising representatives of the MOU signatories is charged with the task of selecting, on a competitive basis, an audit firm to collate reports to be submitted by the government and extractive sector companies. State Oil Fund provides logistical assistance to the Selection Group and its activities as per MOU.

The Selection Group, which has already held several meetings, reached a decision to send invitations to 4 internationally recognized audit companies - Ernst &Young, Deloitte & Touche, PriceWaterHouseCoopers and Moore Stephens, operating in the Republic of Azerbaijan.