Mongolia, 90 percent dependent on fuel imports from Russia and vulnerable to price hikes, is seeking to develop its oil shale deposits of at least 800 billion tons.
A federal judge here on Tuesday struck down a key new regulatory provision that would require large U.S.-listed extractives companies to disclose payments made to foreign governments, a rule that rights groups had long pushed as a way to cut down on corruption in developing countries.
Development groups and corruption watchdogs are applauding landmark new standards adopted Wednesday by an international initiative focused on ensuring greater transparency among oil and mining companies operating particularly in developing countries.
Trillions of dollars a year are being produced through extractive industries, but just a tiny percentage of this money is impacting on the lives of poor communities in developing countries, according to a first-of-its-kind study released Wednesday.
The Honduran government’s announcement of its plans to join the Extractive Industries Transparency Initiative (EITI) has raised expectations as well as doubts, particularly due to the speed with which it aims to complete a process that has taken several years in other countries of the region.