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Article

14 Dec 2008

Author:
David Ivanovich, Houston Chronicle [USA]

Oil firms face tough disclosure rules [USA]

...The incoming Congress is likely to consider a measure [proposed Extractive Industries Transparency Disclosure Act] that would force oil producers, mining companies and other "extractive" industries that file annual reports with the U.S. Securities and Exchange Commission to reveal how much they pay to foreign governments...The goal is to help the citizens of oil-producing states hold their governments more accountable and to keep oil company money from fueling the civil wars that have plagued oil-wealthy nations...Oil industry officials argue the measure could hamper voluntary transparency efforts...The Financial Services Committee is expected to hold a series of hearings on...[the] proposal and the broader transparency issue next year, with an effort to push for passage in 2010...[refers to Sonangol, BP, ConocoPhillips, Saudi Aramco, Pemex, Petrobras]