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Article

8 Feb 2012

Author:
Global Witness

Oil companies lobby for less transparency as Global Witness exposes the need for more

More transparency is needed in the oil, gas and mining industries to prevent the international scramble for Africa’s natural resources from fuelling still deeper corruption and instability, according to a new report from Global Witness...Recent years have seen a big increase in public disclosure of revenue payments to governments from the extractive industries. But that positive trend has been cast into doubt as international oil companies threaten legal action in the U.S to stop the Securities Exchange Commission implementing strong transparency rules. Oil companies are also lobbying to water down plans for similar rules in the European Union. [refers to Gecamines]