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PRESS RELEASE

[img_assist|nid=457|title=|desc=|link=none|align=right|width=150|height=94]The Swedish Government announced today their support of the Extractive Industry Transparency Initiative (EITI). State Secretary Mr Gunnar Wieslander announced the Swedish support of the initiative at a meeting with Dr Peter Eigen, Chairman of the EITI, and Swedish companies that operate in the extractive sector.

The African Union Commission and the European Commission launched an Africa-EU Energy Partnership on 8 September. The Joint Statement on the Energy Partnership states that transparency is necessary to improve private investment in the energy sector. The EC and the AUC therefore calls for more countries to become members of the EITI, and to develop transparency guidelines for companies in the extractive sector.

The UN General Assembly has adopted a resolution on the subject of 'Strengthening Transparency in Industries'. The resolution gives strong backing to the EITI by noting EITI implementing countries' efforts to strengthen transparency.

[UPDATED with link to the resolution

The resolution, that was passed unanimously 11 September, emphasises that transparency and accountability should be embraced and promoted by all its member states.

[img_assist|nid=426|title=|desc=|link=none|align=right|width=150|height=69] According to this article in the Oil & Gas Journal, EITI is good for business, but needs to be implemented carefully to avoid pitfalls.

UPDATE: Legal Analyst Matthuew Genasci at the Revenue Watch Institute has written a response where he concludes: "Where a company makes no improper payments and accurately reports, disaggregated reporting offers the best protection from FCPA scrutiny"

Ghana has published its third EITI report presenting the aggregation and reconciliation of mining benefits paid by mining companies and received by the Government of Ghana in 2005. Earlier aggregated reports included those for January 2004-June 2004 and July 2004-December 2004. Ghana is hoping to complete validation in 2009.

Welcome to a new edition of the EITI Newsletter. The main story is the 4th EITI International Conference will be held in Doha 16-18 February 2009. In addition, it provides a briefing on EITI Validation, an article focusing on the question ”Does EITI Work?”, and updates from EITI implementing countries Azerbaijan and Equatorial Guinea.

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