PETRO CHINA INCLUDED IN EITI GROUP, SUBMITS REPORTS TO EXTERNAL AUDITOR

Petro China Tamsag has been included in the Working Group to help the National Council in implementing standards of Extractive Industries Transparency Initiative (EITI) in Mongolia. The Prime Minister heads the council, while its other members include the Ministers of Mineral Resources and Energy and of Finance, the Head of the Standing Committee on the Budget, the Auditor General, the Head of the Anti-Corruption Authority, the President of the Mongolian National Mining Association, the CEOs of Erdenet Mining Co., Ivanhoe Mines, Areva and several NGOs. The group has been set up under an ordinance issued by the Prime Minister and its main job has been defined as recommending the proper political and legal conditions to adopt and practice the internationally accepted standards.
As member of the group, Petro China Dachin Tamsag now attends EITI meetings and has to submit reports on its expenses, the amount it paid in taxes, and various other details it has been often been accused of not making public. An EITI external auditor is now inspecting the 2008 and 2009 reports of the company. So far, the company used to submit its annual report, and operation and budget plan to the Oil Authority, and these were approved by a working group formed for the purpose.  Its financial accounts were audited by the Specialized Inspection Authority and the reports were not revealed.
Source: Zuunii Medee
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