News

The EITI Board has approved Ecuador’s application to join the EITI, making it the 55th implementing country and the 11th in Latin America.

“EITI implementation can underpin the modernisation of Ecuador’s regulatory framework in the extractive sector, and help ensure that the development potential of extractive revenues is realised,” said EITI Board Chair Helen Clark. “We welcome Ecuador as an implementing country and look forward to the EITI promoting transparency, accountability,

The Lundin Foundation has become a supporter of the Extractive Industries Transparency Initiative (EITI), joining over 65 mining and oil and gas companies, commodity traders and financial institutions which support the organisation. Companies contribute to the international management of the EITI and advance its mission, observing the Expectations for EITI supporting companies

The EITI today released new reporting guidelines for companies buying oil, gas and minerals from governments. The guidelines promote a consistent approach to the disclosure of payments to states or to state-owned enterprises.

The scale and economic significance of payments for these commodities make them a matter of public interest. In-kind payments alone make up almost half of total government revenues declared through the EITI – approximately USD 1.2 trillion to date.

The Angolan Government has formally notified the EITI of its intention to join the 54 countries already implementing the EITI Standard. In a letter to the EITI Board Chair, dated 14 September 2020, the Minister of Mineral, Oil and Gas Resources, Diamantino Pedro Azevedo, outlined steps already taken towards EITI implementation. These include signature of Presidential Order 117/20, appointing the Minister to the role of President of the National Coordination Committee of the EITI,

The Republic of Congo has made meaningful progress in implementing the EITI Standard, with significant improvements in transparency of state-owned enterprises, oil sales and license information. Validation, the EITI’s quality assurance process, found that the Republic of Congo’s performance in implementing EITI Requirements has improved markedly since the country’s first Validation in 2018.

EITI supporting companies are breaking new ground with public country-by-country reporting

Oil, gas and mining companies currently disclose detailed information about payments to governments in 54 EITI implementing countries. Extractives companies based in the EU, Canada and Norway are also required to disclose information on government payments from their global operations.

For countries with limited access to credit or capital markets, resource-backed loans are a way of raising funds for infrastructure and development projects. These loans are negotiated by governments or government-owned companies against future production of a country’s natural resources.

The sustainability of such agreements is hotly debated. The latest EITI “Transparency Matters” webinar explored the opportunities and challenges that resource-backed loans pose for resource-rich countries.

Nigeria’s national oil company, the Nigerian National Petroleum Corporation (NNPC), has become an EITI supporting company, joining a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners who commit to observing the EITI’s supporting company expectations

The EITI Board has approved Uganda’s application to join the EITI, making it the EITI’s 54th member country and the 26th in Africa.

EITI Board Chair, Rt Hon. Helen Clark, welcomed Uganda to the EITI community: “EITI implementation can help lay the foundation for transparent and accountable management of the country’s natural resource wealth. We welcome Uganda as an implementing country and look forward to the EITI promoting inclusive public debate.”

Armenia has made satisfactory progress in implementing the EITI Standard. The country has used the EITI as a platform for dialogue and a catalyst for mining sector reform.

Since joining the EITI in 2017, the Government of Armenia has focused on bringing greater transparency and accountability to the mining sector. It has shown strong commitment to the EITI principles and the EITI Standard, to achieve this outcome from its first Validation.

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