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Oil Industry News

Act will not hurt US oil companies
Wednesday, 23, June 2010


Sir, With reference to your report “Voluntary transparency scheme faces scrutiny” (June 17): contrary to oil industry assertions, the Energy Security Through Transparency Act, which I have co-sponsored with Senator Ben Cardin, is unlikely to hurt the competitiveness of American oil companies in requiring US-listed companies to report their payments to foreign governments. A number of the international oil majors trade through American Depositary Receipts on US exchanges and would be covered by the legislation.

As of this month the Hong Kong stock exchange, which carries a number of the Asian majors, requires new applicant mineral companies to disclose “payments made to host-country governments”, and in Britain, parliament has urged similar steps by the London Stock Exchange, where companies such as Gazprom are listed. The International Accounting Standards Board is considering a rule change to make such reporting standard.In addition, anti-corruption experts do not accept the oil industry's contention that a mandatory reporting requirement will somehow undermine the voluntary Extractive Industries Transparency Initiative.
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