(MENAFN- The Peninsula) The Peninsula
DOHA: Qatar Petroleum has officially joined the Extractive Industries Transparency Initiative (EITI) as a supporting company, thus becoming the first national oil company in the Middle East to join this multi-stakeholder organisation that promotes open and accountable management of oil, gas and mineral resources.
H E Saad Sherida Al Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, expressed his full support of the EITI membership and said, 'As our operating footprint expands beyond the State of Qatar, it is important that we are known as an open and trustworthy organisation, one that is sought after as a partner of choice within the industry. Minister Al Kaabi pledged a leadership role in advocating the EITI Principles regionally and internationally and said, 'At Qatar Petroleum, we know the benefits of conducting our business in a professional and transparent manner, and we are committed to ensuring that this practice is applied, wherever we operate. Together with the EITI, we will continue to pro-actively promote transparency throughout the petroleum industry. Based in Oslo, Norway, and established in 2002, EITI is guided by the belief that a country's natural resources belong to its citizens. As a coalition of governments, companies, investors, civil society groups, financial institutions and partner organizations, EITI works to build trust between governments, companies and civil society. Corporate supporters of the EITI include mining firms, international oil companies and other major players in the oil and gas industry.
The initiative is focused on the disclosure of information along the extractive industry value chain-from the point of extraction, to how much revenues go to government treasuries, and to how the resources benefit the economy and society in general. By doing so, EITI seeks to strengthen public and corporate governance, promote understanding of natural resource management, and provide the data to promote reforms for greater transparency and accountability within the global extractive sector.
Consistent with its support to EITI, Qatar Petroleum is equally committed to open and transparent reporting and is presently undertaking a journey to enhance its disclosure practices in alignment with international standards for corporate reporting.
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