By John Lee.
National Oil Corporation (NOC) chairman Mustafa Sanalla has held an introductory meeting with Extractive Industries Transparency Initiative (EITI) Executive Director Jonas Moberg.
Chairman Sanalla expressed NOC’s interest in adopting EITI governance principles, and a move towards full-scale adoption of the EITI financial reporting standard over the longer term.
Mr Sanalla underlined the importance of this initiative to maximise transparency and public confidence regarding national oil revenues. “Public sector accounts & budgets should be underpinned by good governance & transparency; NOC is committed to leading on this front.”
The NOC chairman has repeatedly called for full disclosure on the distribution of national oil revenues, and the need for transparency across government. NOC calls upon other national stakeholders and institutions to match the corporation’s commitment to transparency and the principles of EITI.
This meeting comes in parallel with a review across NOC and its operating companies, designed to maximise revenue, optimise performance and fight corruption.
EITI, launched in 2002, is a global initiative that seeks to ensure good governance in extractive industries across the world. EITI has overseen the disclosure of $2.4 trillion worth of revenues to date, and has been adopted in 51 countries.