US, Ethiopia, PNG to join anti-corruption drive
Addis Ababa, 9 April 2014 (WIC) - Ethiopia, the United States and Papua New Guinea are on course to join the leading world initiative to combat corruption in the energy and mining industries, Reuters reports.
The three now have three years comply with EITI standards.
Commercial oil finds in neighbouring Kenya have raised hopes of a strike in neighbouring Ethiopia.
International explorers in Ethiopia include London-listed Tullow Oil and Africa Oil which are drilling along the country's southern border with Kenya.
Home to Sub-Saharan Africa's second largest population, Ethiopia is among the continent's fastest growing economies.
United States membership commits its federal government to disclosing all the payments it receives for the exploitation of oil and minerals on federal lands, which would include the money it gets from offshore oil and gas exploration and production.
"The U.S. have all sorts of different reporting in their system, which is quite complex. Some is reported at the federal level, some is at state level, and Native Americans ... have different systems," Clare Short, chairwoman of the EITI, told Reuters.
Currently energy firms active in the U.S. may break out profits and production by regions of activities, like the Gulf of Mexico. (Reuters)
|< Prev||Next >|
- Eritrean rebels claim to have killed dozens of intelligence agents
- Somalia Re-Opens its National Intelligence & Security Agency
- Al Shabaab on move to recruit young fighters ahead of massive military assault
- In 2014 Chinese-African trade will surpass $200 billion
- Tana High-Level Forum kicks off
- Kenya, Somalia vow to eliminate Al-Shabaab
- Meeting of Eastern Africa Defense, Security Council in Nairobi
- ENCDC holds a conference on the prevailing of freedom, democracy and justice in Eritrea