The Final Draft EITI Report will be Presented Soon

22 November 2016

The second draft report of the EITI (Extractive Industries Transparency Initiative) was approved at the ordinary meeting of the Multi-Stakeholder Group (MSG), held on November 15.

 

The draft report highlighted the role of the extractive industry in the economy of Ukraine. Information on stocks and output of coal, oil and gas, iron, manganese and titanium ores was submitted. It also details volumes of export and import of mineral raw materials for 2014 and 2015. It presents data on the transportation of oil and natural gas, specifies tariff rates and transit volumes. It includes charts with the analysis of capital investments in the extractive industry of Ukraine.

The meeting has marked by a rather large and full context part of the draft Report, but has indicated the insufficient coverage of the part related to the disclosure of information about company payments. The main reason was the lack of response from a number of companies.  According to the press service of the EITI in Ukraine, both the EITI Secretariat and the Independent Administrator are working with companies in order to obtain the necessary data. MSG members have also decided to file an open letter to obtain the required information.

"Ukraine has to prepare a high-quality report that will be highly appraised by both members of the EITI Board, and international companies, organizations and governments interested in the extractive industry of Ukraine. It will benefit all the parties: the public, government and business. If we want to attract serious investors, and carry on a fruitful dialog with them, and work with responsible partners ,we, on our part, should also show willingness to cooperate. So, it makes sense to continue working on data collection to show the best result," underlined Olena Pavlenko, Deputy Chairperson of the Multi-Stakeholder Group.  

A separate topic for discussion was the results of the EITI Board meeting that took place in November. "Currently, 51 countries are implementing the EITI, and later Australia, Armenia and Mexico will also join in this process. Special attention should be paid to the beneficial right topic, since Ukraine has fulfilled in fact all the requirements for implementing the process of disclosing the information about beneficial owners who are registered with the EITI Standard. The "road map" has already been developed for the introduction of beneficial right, which should be approved by the MSG by January 1, 2017. The road map contains recommendations for correcting certain deficiencies which Ukraine should improve to maintain its reputation at the global level," said the EITI Board member and member of the MSG of Ukraine Oleksii Orlovskyi. 

 

It should be mentioned that, according to the Standard requirements, country reports must be published annually by the end of the year, thus the second EITI report of Ukraine must be published by the end of December 2016. Therefore, obtaining data from all the stakeholders as soon as possible is critically important for the timely preparation of the Report.

According to materials of the EITI in Ukraine



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