US to force disclosure of oil payments abroad

SEC rule: US firms will be required to disclose payments made abroad

Reuters/Scanpix

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News Wires

 22 August 2012 19:11 GMT

US-listed oil, gas and mining companies will be required to publicly reveal payments they make to foreign governments, including those for drilling or exploration licenses, under rules adopted by US regulators that aim to reduce bribery and corruption risks.

The US Securities and Exchange Commission included more flexibility in the rule, approved by a 2-1 vote on Wednesday, but industry groups said it will put them at a competitive disadvantage, Reuters reported.

"Unfortunately, disclosure would not be a two-way street," John Felmy, chief economist at oil lobbying group the American Petroleum Institute, said according to the news wire. "State-owned foreign companies would have to reveal nothing and might even be favored for projects in host countries reluctant to have financial information disclosed."

The rule was put in place as a last-minute additions…

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