U.S. oil industry wants transparency rules revised

WASHINGTON, Nov. 8 (UPI) -- The American Petroleum Institute said it wants federal regulators to rewrite disclosure rules on foreign payments so U.S. business interests are protected.

"U.S. oil and natural gas companies have been leading the way to increase transparency in payments to foreign governments for a decade," Stephen Comstock, API director of tax and accounting policy, said in a statement Thursday.


The API, the industry's lobbying group, said it sent a letter to the U.S. Securities and Exchange Commission calling for a new way to review payments made to foreign governments.

API takes issue with U.S. legislation, the so-called Dodd-Frank Act, which requires those in the extractive industry to disclose payments they've made to the governments that host their exploratory campaigns.

The SEC is revisiting the measure following an industry challenge to certain aspects of the provision. The API wants disclosure reports kept out of the public eye.

"The SEC can issue rules that meet their legal obligations to promote transparency while also protecting firms' international competitiveness," Comstock said.

There was no statement from the SEC.

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