DiXi Group Logo
uk
27.07.2016

The Law on Information Disclosure will Make Extractive Companies’ Reporting More Conscious

 

Ukraine seeks to introduce best international standards and integrate into the European community. According to Mr. Taras Tkachuk, expert at Dixi Group think tank, the energy industry is one of the key elements of the Ukrainian economy. Therefore, the introduction of transparency standards is an important step towards the implementation of the necessary reforms.

 

The adoption of the draft Law “On Disclosure of Information in Extractive Industries” is an extremely important objective for the Ukrainian Parliament to be achieved already in autumn. In December, Ukraine announced publishing the EITI (Extractive Industries Transparency Initiative) Report that will cover two years — 2014 and 2015. The new report, apart from oil and gas data, will contain information about coal and iron ore extraction. The previous report with the 2013 data presented in December 2015 showed that companies had failed to demonstrate good faith in providing information on a voluntary basis. Therefore, our country that is desperately trying to fight corruption needs to approve the EITI requirements on a legislative basis and make them binding. This will at last give the full picture of the industry and enable a comprehensive analysis of data presented by companies and public authorities. At the same time, it will make coal buying schemes and volumes of extraction thereof transparent and understandable which will automatically resolve numerous issues regarding the volumes and origin of anthracite that are now sparkling a massive public outcry. Moreover, the implementation of this Law will enable local communities to assess the contribution of extractive companies in the regional infrastructure and social projects and analyse spending by local authorities.

 

So to get a comprehensive detail two-year report, show ourselves and the whole world our readiness to implement reforms and openness in doing business, as well as to lay a sound basis for further investments in the industry already this year, we need only one more thing — political will to adopt the draft Law “On Disclosure of Information in Extractive Industries” as soon as possible.

 

Taras Tkachuk
Management and Promotion Specialist

Our platforms

https://ksep.energy/en/

Independent energy educational center

http://eiti.org.ua/

National website of Extractive Industries Transparensy Initiative in Ukraine 

http://ua-energy.org/

Information and analitical website “Ukrainian Energy UA-Energy.org” is unique   platform to inform

Our platforms

https://ksep.energy/en/

Independent energy educational center

http://eiti.org.ua/

National website of Extractive Industries Transparensy Initiative in Ukraine 

http://ua-energy.org/

Information and analitical website “Ukrainian Energy UA-Energy.org” is unique   platform to inform