Norway signs anti-oil corruption treaty

OSLO, Norway, Sept. 27 (UPI) -- Norway has signed onto a global hydrocarbons and mining anti-corruption treaty, which supporters say could lead to more transparency in oil-rich nations.

The Norwegian government said it will begin implementation of payment transparency measures as part of the Extractive Industries Transparency Initiative.

EITI is aimed at documenting how money flows from oil companies to host countries and vice versa as a way to prevent graft.

“Norway is making history today by becoming the first developed country to announce that it will implement the EITI at home,” said Radhika Sarin, international coordinator for Publish What You Pay, a global coalition. “Revenue transparency and accountability should be the global operating standard for the oil, gas and mining industry.”

Gavin Hayman, Global Witness campaigns director, said there is still much progress to be made before transparency in the industries is the norm.

“Other countries, including the G8, need to lead the mainstreaming of transparency requirements through rules and regulations at their disposal,” he said.

The EITI Secretariat opened its new doors in Norway Wednesday, having been created and housed in Britain.