New rules for oil and gas companies mean good news for developing world

AFrican oil rigEuropean oil, mining, gas and logging companies will have to disclose the payments they make to governments for access to natural resources, following a vote in the European Parliament today.

Speaking in Strasbourg, Labour MEP Glenis Wilmott said: “The new rules are good news for resource rich countries in the developing world.”

“What we’ve agreed today will provide a major new weapon in the global fight against corruption.

“Citizens of resource rich countries will be able to hold their governments to account for the exploitation of their natural resources, with 70% of the world’s extractive industries covered by tough transparency rules”

“This is of huge importance.  In 2008 alone, African oil, gas and mineral exports were worth nine times the value of international aid (296 billion Euros vs 33 billion Euros).”

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