US Officials Try to Change Oil Major

The Azerbaijani-American intergovernmental council on economic reforms hold its 8th meeting in Baku in May 2004, according to US ambassador to Azerbaijan Reno Harnish. The group plans to discuss structural changes in the State Oil Company of the Azerbaijani Republic.

Structural changes were made in the company by a presidential decree in January 2003. They, however, did not help the company to become a full member of the market economy. An international audit has not been carried out in the company to assess the reserves and the balance of its deposits. The financial activities of the company do not meet international standards, which makes its market capitalization unknown.

The company remains a milking cow for the Azerbaijani government's and is not even trying to raise the issue of the government drawing up promising plans for the company's development.