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Article

13 Oct 2014

Author:
Global Witness

Global Witness says 25 oil & gas companies in Myanmar have set “global precedent" by publishing beneficial ownership

“Myanmar takes global lead on company ownership transparency”, 9 October 2014

25 oil and gas companies in Myanmar have set a global precedent by publishing who their real owners are, said Global Witness in a new report…In June 2014, Global Witness raised concerns that secrecy surrounding company ownership could result in the money being lost to corruption. Anonymous or secret company ownership structures are routinely used across the world to hide illicit activities from public scrutiny and law enforcement…In response to the Global Witness survey, all companies investing in 17 of[newly awarded oil and gas] blocks have now declared who ultimately owns and controls them…However, a hard core of 18 companies have not yet declared their ownership…[refers to A-1 Mining, Apex Geo Services, Berlanga Holding, BG Group, Brunei National Petroleum, Canadian Foresight Group, CAOG s.a.r.l, Century Bright, Chevron, ConocoPhillips, Eni, IGE, JSOC Bashneft, Machinery & Solutions, Mercator Petroleum, Mitsui Oil Exploration, MPRL E&P, Myanmar Petroleum E&P, Oilmax Energy, Oil India, Oil Star Management Services, ONGC Videsh, Ophir Energy, Pacific Hunt Energy, Parami Energy Development, Petroleum Exploration (PVT), Petronas, Precious Stone Mining, Petrovietnam Exploration Production, PTTEP, Reliance Industries, ROC Oil, Royal Marine Engineering, Shell, Siren E&P, Smart E&P International, Statoil, Tap Oil, Total, Transcontinental Group, United National Resources Development Services, UNOG, Win Precious Resources, Woodside Energy, Young Investment Group]