EITI Business Guide: Extractive industries can be part of the solution

PRESS RELEASE
[img_assist|nid=362|title=|desc=|link=url|url=http://eitransparency.org/document/businessguide|align=right|width=106|height=150]HOUSTON AND OSLO, 12 MAY 2008. Monday Peter Eigen, Chair of the EITI (Extractive Industries Transparency Initiative) and founder of Transparency International, launched a new guide for how companies can play a integral role in helping create transparency in the extractive sector. Together with Rich Kruger, President of ExxonMobil Production Company, he launched the new "EITI Business Guide". It outlines how business can support the implementation of the EITI, the international initiative to improve transparency in the management of oil, gas and mining resources. EITI Implementation Guides also exist for governments and for civil society in resource-rich countries.

Peter Eigen said:

"We all recognise that, if not managed well, the revenues from oil, gas and minerals can have a negative economic and social impact for a country. I am encouraged by the growing number of companies that want to address this challenge. Increasingly companies see the importance of supporting increased transparency and better governance, and are improving their policies and systems through initiatives like the EITI. This guide will help them do just that.

ExxonMobil has been involved in EITI since the beginning. Their Chairman and CEO, Rex W Tillerson, co-authored the Foreword to the Business Guide with me. Along with 37 other major international oil, gas and mining companies, they are actively participating in the EITI process - through their country operations in implementing countries, through international-level commitments, and through industry associations. I hope that this guide will help create a step-change improvement in business transparency, helping to bring better management of natural resource resources for the 3½ billion people of the world who live in resource-rich countries."

The EITI Business Guide can be downloaded here.