Business

Yemen Gains Membership in the Extractive Industries Transparency global Initiative in Paris

Yemen has achieved compliance with the Extractive Industries Transparency Initiative (EITI), the global standard for improved transparency in the oil, gas and mining sectors.

The EITI Board designated Yemen as ‘EITI Compliant’ at their meeting in Paris (EITI) on March, 2nd, 2011 to be the first country in the Middle East gaining this title.

The Yemeni delegation represented in minister of Petroleum and Minerals Amir Alaidarus and Yemeni members of (EITI) board participated in the conference.

This initiative came under the auspices of president Saleh, who announced first At the London donors’ conference November, 2006 said Alaidarus. He also added that this initiative enhances the transparency principle which would expand the investment base in Yemen

Mohammed Moqbel, Yemen transparency board chairman pointed that this step is counted a major event in the Yemeni history and is taken Yemen into the modern countries line that are pursuing transparency in order to expand investment and sustainable economic development.

Moqbel also added, for Yemen to join this initiative confirms Yemen’s orientation in adopting transparency as Elements of wise governance and credibility in the payments and receipts of revenue for the extractive industries sector

Yemen has launched last November the first disclose report on the extractive industries for the years “2005-2006-2007” which includes oil revenues and all data on the amounts paid by oil production companies working in Yemen to the government as well as the government revenues for the years 2005-2007

Yemen has also achieved a candidate membership in the initiative in 2007 and worked on completing all conditions to achieve the compliance with the support of World Bank and global (EITI).

(EITI) board includes a union of Governments, and all companies and civil society organizations and focuses on improving the public management system in countries of natural resources through broadly consistent and workable approach to the disclosure and accountability of payments and revenues of governments in the oil, gas and mining sectors