"Fighting corruption is a priority of Dutch development policy. This is why the Netherlands strongly supports the Extractive Industries Transparency Initiative (EITI). In countries that have signed up to the EITI, oil, gas and mining companies have to disclose how much they pay to the government, and the government has to disclose how much it receives from them. Public disclosure of payments and revenue makes it less likely that money will be siphoned off. Countries rich in natural resources often face what is called the ‘resource curse’ – a higher risk that money will be diverted for corrupt ends or used for military spending rather than development-related activities. The EITI is an important tool in the fight against corruption. It works by making the flow of income from extractive industries more transparent. Because it involves a broad coalition of national public authorities, businesses and NGOs, it is a powerful means to ensure that income goes to development. Many developing countries have difficulty in satisfying the EITI’s detailed requirements. Transparency alone is not enough; verification is also necessary. This means that a proper accounting system needs to be set up. The World Bank supports countries that wish to implement the EITI in making preparations of this kind, so that they can satisfy the EITI requirements. The Netherlands has so far contributed a total of 1.5 million US dollars to the World Bank’s EITI multi-donor trust fund." - Read more

NEITI: Towards better management of nation's oil and gas resources - Vanguard

NEITI: Towards better management of nation's oil and gas resources Vanguard The Extractive Industries Transparency Initiative (EITI) is a global effort aimed at improving the management of oil, gas and mining revenues in resource-rich countries. The initiative effectively took off in 2002 during the World ... Root for transparencyTimes of India all 2 news articles »

Bright Promise from the Mining Sector - Liberian Daily Observer

Bright Promise from the Mining Sector Liberian Daily Observer Additionally, Liberia is a member of the Extractive Industry Transparency Initiative (EITI), which requires the government to publish the sources of revenues and applications of funds received from companies in the extractive industry. ... and more »

Prosper or Plunder? Extractive Industries' Checkered Past With Development - Huffington Post (blog)

Prosper or Plunder? Extractive Industries' Checkered Past With Development Huffington Post (blog) On Tuesday, September 20th, President Obama delivered the welcome news that the US will now implement the Extractive Industries Transparency Initiative (EITI), the global transparency standard for oil, gas and mining. "Today, I can announce that the ...

Liberia Should Reform Oil Sector To Prevent Corruption, Report Says - Wall Street Journal (blog)

FuelFix

Liberia Should Reform Oil Sector To Prevent Corruption, Report Says Wall Street Journal (blog) The two organizations do credit Liberia with passing a law implementing the Extractive Industries Transparency Initiative and drafting an oil-sector reform policy, but found that the country is breaking that law. In a list of reforms proposed by Global ... Liberia: Immediate Reform Needed If Locals Are to Profit From Potential Oil ...AllAfrica.com Several Govt. Officials Linked to BriberyLiberian Daily Observer all 58 news articles »

U.K. Refuses Extractive Industries Transparency - Energy Digital

Upstream Online

U.K. Refuses Extractive Industries Transparency Energy Digital Yesterday, the United States signed onto the Extractive Industries Transparency Initiative (EITI), making it the second G8 country, alongside Norway, to join. US President Barack Obama says the initiative will ensure that "taxpayers receive every ... US Joins Extractive Industry Transparency Initiative Amid Open Government LaunchWall Street Journal (blog) Obama: US will implement oil transparency initiativeThe Hill (blog) US signs up for transparencyPetroleum Economist Upstream Online -Kuwait News Agency -www.JewelryNe.ws all 11 news articles »

UK refuses to sign up to oil, mining and gas transparency initiative - Telegraph.co.uk

Telegraph.co.uk

UK refuses to sign up to oil, mining and gas transparency initiative Telegraph.co.uk Oil, along with mining and gas extraction in the US, will now be subject to the EITI initiative. Photo: Chad Ehlers / Alamy By Sean O'Hare The US pledged yesterday to participate in the Extractive Industries Transparency Initiative (EITI), becoming the ... Obama commended for committing US to implement EITIMyjoyonline.com API Supports Administration's Position On Foreign PaymentOil and Gas Online Global partnership to combat corruption launchedTrustLaw Lexology (registration) all 6 news articles »

Civil society challenges FG on oil transparency - NEXT

Civil society challenges FG on oil transparency NEXT "Nigeria's extractive industries transparency audit system is touted as one of the most robust in the world. If we as a country set those targets by ourselves, we should be seen to be meeting those targets. We should not go back to the experience prior ... NEITI urges partnership with CSOs to tackle bad governanceVanguard all 2 news articles »

Oil Revenue: Group Demands Release of NEITI Report - THISDAY Live

Oil Revenue: Group Demands Release of NEITI Report THISDAY Live By Ejiofor Alike Civil society organisations working in the area of extractive industry revenue transparency have called on the Nigerian Extractive Industries Transparency Initiatives (NEITI) to release the final report of the annual oil and gas sector ... Group Charges NEITI To Recover Trapped $5bLeadership Newspapers Nigeria: Oil Audit - NEITI to Probe Status of UN-Reconciled US$5 Billion RevenueAllAfrica.com all 5 news articles »

Agency restarts oil industry audit process - NEXT

Agency restarts oil industry audit process NEXT The process towards the 2009-2011 audit of the country's oil and gas sector is scheduled to kick off on Friday, the Nigeria Extractive Industry Transparency Initiative (NEITI) has announced in Abuja. NEITI's spokesperson, Orji Ogbonnaya ...

Civil Society seek release of oil industry Report - NEXT

Civil Society seek release of oil industry Report NEXT Decrying the delay in the release, the group called on the Nigeria Extractive Industries Transparency Initiative (NEITI) Secretariat to release the final report, stating that this report was one of the six requirements by the Board of the Extractive ... and more »