SOFAZ to launch online automated reporting system

Tue 23 Apr 2019 05:30 GMT | 09:30 Local Time

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The State Oil Fund of Azerbaijan (SOFAZ) plans to launch an automated reporting system in the extractive industry, a source in the Fund told Trend.

"The agenda includes the issue of moving from annually published paper reports to systematic disclosure of information on a single website by introducing an automated reporting system to relevant government bodies (the so-called mainstreaming)," the source noted.

With the technical and financial support from Asian Development Bank, the work is underway to define a mechanism for disclosing information about beneficial owners in the extractive industry.

After Azerbaijan’s withdrawal from the Extractive Industries Transparency Initiative in March 2017, the newly established Extractive Industries Transparency Commission, which published reports for 2016 and 2017, is in the process of preparing a report covering 2018.

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