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High level of corporate secrecy in Myanmar oil & gas sector-Global Witness survey

Screen Shot 2014-02-10 at 16.29.29Extract from a Thomson Reuters Foundation article by Thin Lei Win published 26 June 2014

YANGON (Thomson Reuters Foundation) – As resource-rich Myanmar gears up to join the global anti-corruption scheme for the oil, gas and mining sector, a survey by a London-based advocacy group found widespread corporate secrecy in the sector, which has long been plagued by corruption.

Of the 47 local and international companies which won major oil and gas blocks in October and March, only 13 responded to questions about their ownership, Global Witness said on Thursday. The Netherlands’ Berlanga Holding B.V., Italy’s Eni, Anglo-Dutch Shell and Thailand’s PTTEP South Asia, a subsidiary of publicly traded PTTEP, are among those that did not respond, it said.

“Company secrecy threatens Myanmar’s fragile progress towards a fairer and more open management of its resource wealth,” Global Witness said in a statement.

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