State-owned petroleum company Qatar Petroleum will join the EITI as a supporting company, announced EITI’s Corporate Engagement Manager Andy Irvine today, in a discussion of EITI’s outreach plans at the organisation’s Addis Ababa Board meeting.
“It is encouraging to see a large and influential state-owned company like Qatar Petroleum join the EITI’s group of supporting companies” said Mark Robinson, EITI’s Executive Director. “The revised 2019 EITI Standard sets out new disclosure requirements for state-owned enterprises, which will bring far greater transparency to this group of companies.”
State-owned enterprises (SOEs) are estimated to account for approximately 80% of the world’s oil reserves and 24% of mineral production. Currently 55 SOEs participate in the implementation of the EITI in 35 countries and at least 25 are represented in EITI multi-stakeholder groups. In terms of the 2019 Standard, SOEs are required to describe the rules and practices governing transfers of funds between SOEs and the state and to disclose details of loans provided by governments and SOEs to mining, oil and gas companies. Aligned with the focus on the systematic disclosure of EITI information, a key priority is to strengthen existing reporting frameworks so that SOE disclosures can be incorporated into published and audited financial statements.
Welcoming the decision to join EITI Minister of State for Energy Affairs and President & CEO of Qatar Petroleum, Saad Sherida Al-Kaabi affirmed his personal commitment to open and transparent reporting throughout the region, commenting: “We will continue to pro-actively promote transparency throughout the petroleum industry. I likewise pledge to take a leadership role in advocating the EITI Principles internationally and throughout the MENA region.