Myanmar’s first EITI report
Myanmar was accepted as a candidate country with the Extractive Industries Transparency Initiative (EITI) in July 2014 and its first EITI report was issued recently. The report profiles extractive companies and details legal ownership. It also lists licenses and the areas they apply to and provides basic information about the award processes by which licenses were given. However, the report does not cover all the companies active in the natural resource sector and included 30 Jade and gem companies and 14 mining firms. The companies covered in the report account for 100 percent of revenue from the oil and gas sector. Revenues received by the government from the extractive industries totaled k3 trillion (US$ 2.2 billion). 85 percent of this and 13 percent and 2 percent are said to come from the oil and gas sector, from gems and jade sector and from other minerals respectively.Although all the companies in the extractive industries sector are not covered in the first report, it is hoped that the scope of the report would expand with every year.
22 January 2016