Iraq joins oil transparency group

BAGHDAD (Reuters) – Iraq joined a global transparency initiative Sunday in a bid to heal its reputation as a nation plagued by corruption and misuse of its vast oil wealth.

Ranked fifth from the bottom of Transparency International’s corruption list of 180 nations, Iraq is in the process of signing deals with foreign oil companies it hopes will catapult it to major producer status.

Iraq signed on the Extractive Industries Transparency Initiative, which establishes a worldwide standard for transparency in oil, gas and mining by pushing companies to disclose what they pay in taxes and royalties to governments, and for governments to disclose the receipt of such payments.

“Today we announce (that Iraq is) joining the Transparency Initiative, which is dealing with oil and gas, the most important resources of Iraq,” Prime Minister Nuri al-Maliki said in a speech to government officials, World Bank representatives, and other groups.

EITI, based in Oslo, Norway, describes itself as a coalition of civil society groups, companies, governments, international organizations and investors focussed on good governance in resource-rich countries.

Reuters