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Equatorial Guinea takes decisive step toward joining the Extractive Industry Transparency Initiative
In a significant move toward joining the Extractive Industry Transparency Initiative (EITI), which seeks to address key governance issues of transparency and accountability in the extractive sectors, Equatorial Guinea has received the official backing of the EITI International Secretariat. Having initially applied for membership in 2008, Equatorial Guinea has since instituted several reforms to take part in the global initiative.
Commenting on the news, Gabriel Mbaga Obiang Lima, Equatorial Guinea’s Minister of Mines and Hydrocarbons, says: ‘It continues to be my firm believe that our membership in the EITI will lead to a more attractive investment climate and an increase in foreign direct investment in the energy and non-energy sectors.’
Implemented in 52 countries, the EITI serves as a global standard for the responsible governance of oil, gas and mineral resources, and seeks to strengthen key public and corporate governance issues of transparency and accountability by requiring the disclosure of information along the extractive industry value chain.
News Item details
Journal title: Petroleum Review
Countries: Equatorial Guinea -
Subjects: Economics, business and commerce, Oil and gas, Business management, Energy policy
