Updated: February 25, 2021
Equatorial Guinea is set to join the Extractive Industry Transparency Initiative, a key step towards responsible governance of oil, gas and mineral resources in the central African nation.
It is a huge step for a country that has been led for decades by the same man not too comfortable with transparency.
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Teodoro Obiang Nguema Mbasogo has been President of Equatorial Guinea since 1979. His eldest son, Teodoro Nguema Obiang, known locally as Teodorín, is the vice-president in charge of national security. Another son, Gabriel Mbaga Obiang, runs the oil ministry. The brother of the first lady, Candido Nsue Okomo, is the head of the state-owned oil company GEPetrol.
The EITI Standard requires information along the extractive industry value chain from the point of extraction, to how the revenue makes its way through the government and its contribution to the economy.
This includes how licenses and contracts are allocated and registered, who the beneficial owners of those operations are, what the fiscal and legal arrangements are, how much is produced, how much is paid, where the revenue is allocated, and its contributions to the economy, including employment.
Implemented in 52 countries, the EITI serves as a global standard for the responsible governance of oil, gas and mineral resources, and seeks to strengthen key public and corporate governance issues of transparency and accountability by requiring the disclosure of information along the extractive industry value chain.
“Membership of the EITI would represent a milestone for the country, and a critical step forward in its path toward greater transparency and improved governance and management of its extractive resources sector.” said Gabriel Mbaga Obiang Lima, the Minister of Mines and Hydrocarbons.
“It continues to be my firm believe that our membership in the EITI will lead to a more attractive investment climate and an increase in foreign direct investment in the energy and non-energy sectors. added Minister Obiang Lima.
Already, Equatorial Guinea has received the official backing of the EITI Secretariat, a key endorsement toward joining the initiative.
The endorsement followed a decadeslong effort by Equatorial Guinea to join EITI.
The support of the country and its efforts to join the EITI was extended in a meeting between the Delegation of the EITI National Commission of Equatorial Guinea and the EITI International Secretariat held on February 15.
Equatorial Guinea made a decisive step toward joining the Extractive Industry Transparency Initiative (EITI) in Oslo, Norway on Friday February 15 2019, receiving the endorsement of the EITI International Secretariat and establishing positive bilateral relations between the two parties.
Having initially applied for membership in the organization in 2008, Equatorial Guinea has since instituted several reforms to take part in the global initiative.
Equatorial Guinea, through the Minister, reaffirmed the country’s commitment to joining the EITI and comply with the requirements of being a member.
In a meeting between a delegation from the Extractive Industries Transparency Initiative (EITI) National Commission of Equatorial Guinea and the EITI International Secretariat, the National Commission provided a letter of intent for its membership in the initiative, along with a detailed report on the status of Equatorial Guinea in its process of adhesion to the EITI standards, which outlined all of the improvements and efforts carried out by the country since its last attempt to join the organization.