MYANMAR SCHEDULED TO BEING EITI MEMBERSHIP PROCESS BY YEAR’S END

Written by Admin on August 12, 2013. Posted in Business, News, Top Stories

 

Myanmar is scheduled to begin formal procedures to become a member of
Extractive Industries Transparency Initiative by the end of this year,
Myanmar Times reported.

The initiative will require all oil and gas entities to declare their
payments to the government which in turn will have to declare its
revenue from the industries.

There are currently 39 members of EITI with 16 applying for candidature.
"Myanmar is on the track to start the application process in
December," The Myanmar Times reported, citing Edith Bowles, a senior
official of Sustainable Energy, Gas, Oil and Mining (SEGOM) unit under
the World Bank.

The World Bank would channel its support for Myanmar's membership bid
through a technical advisory firm Myanmar Development Resource
Institute.

Myanmar government has formed a central committee, chaired by Soe
Thane, a senior minister.

The World Bank will help Myanmar amend the laws that do not suit the
EITI reporting requirements.

Source: http://www.news.myanmaronlinecentre.com/2013/08/13/myanmar-scheduled-to-being-eiti-membership-process-by-years-end/