Thursday, March 3, 2011

Nigeria state oil firm lags world

Published: 2011/03/03 07:33:47 AM

NIGERIA’s state oil company had the poorest transparency record of 44 national and international energy companies evaluated in a report published by international watchdogs this week.

Transparency International and Revenue Watch Institute rated a list of oil and gas companies, which produce 60% of global output, on how they reported revenue and disclosed information on anticorruption programmes.

The report, released on Tuesday and based on research carried out last year, showed that listed companies score better than unlisted firms, while international oil companies fare better than national oil companies.

Nigerian National Petroleum Corporation (NNPC) was the only company to score zero on organisational information disclosure, which included the provision of details of deals with governments and partners on energy projects. The average score was 65%.

NNPC was among eight companies, including Angolan state firm Sonangol and Russia’s Gazprom, to score zero on reporting anticorruption programmes. Officials at NNPC could not be reached for comment. Nigeria’s government has acknowledged problems of inefficiency and corruption at NNPC. Reuters

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