As APA was informed by ACGP, AZEL will participate in the project and be involved to evaluation of the existing corporate governance experiences, issuance of recommendations on corporate governance improvement, and preparation of transparent and informative financial reports.

"AZEL was selected because it inclines to improvement of corporate governance experiences. AZEL's financial reports are prepared in accordance with the international standards and the Company is audited by an international audit company. Moreover, AZEL applied corporate ethical standards," - was informed from ACGP.

ACGP has been implementing the pilot program since October, 2005 and as the first pilot company "Azerigasbank" OJSC was selected in January of this year. Reception of applications for participation in the project is continued.