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 About AzBTC
Azerbaijan (BTC) Limited (AZBTC) is a limited liability company established in 2002. Company is the second largest shareholder in Baku-Tbilisi-Ceyhan Pipeline Project. AZBTC owns 25% in the Pipeline Consortium consisting of 11 major international oil companies. Establishment of AZBTC represents, first of all, commercial interests of Azerbaijan in the BTC Project and aims at ensuring effective control and transparency in managing State interests in the Project. The major activities of the Company include investing into BTC Project, managing and directing the Project through its participation at the BTC Co Board as well as various Committees and Subcommittees established by the Board of Directors (more...).

Application of international standards
The Azerbaijan (BTC) Limited operates in accordance with the international standards, using an experience of world’s leading energy companies and employing highly qualified staff.

Transparency
Transparency is one of the basic principles of AZBTC’s activity. Starting 2005 AZBTC is yearly publishing its annual reports. The annual reports include the Reports of Independent Audit which is conducted every year by well-known International Auditors in order to confirm that the Company’s financial statements in all material respects truly and accurately reflect the financial standing of the Company and are in conformity with International Financial Reporting Standards.

Supervision
AZBTC reports to its Board of Directors. The shareholder’s representatives have the right to conduct an internal audit to ensure that all procedures are strictly observed.

Budgeting
The Budget of AzBTC for each year is approved by the Board of Directors. The budgeting process is designed to ensure effective use of financial resources, while establishing review and control processes to monitor actual performances against targets.