G8 presses for oil industry transparency

The G8 has announced that it is committed to introducing new transparency laws that would prevent bribery in the mining, gas and oil industry.

It suggested that laws should require oil, gas and mining companies to disclose the payments they make to governments in order to eradicate corruption and lift many people out of poverty by ensuring that resource-rich countries share profits with their citizens.

The G8 called on all countries to join the initiative to promote transparency, but stopped short of requiring them to adopt laws.

In a statement issued by the group of nations it said it was committed to "setting in place transparency laws and regulations or to promote voluntary standards that require or encourage oil, gas and mining companies to disclose the payments they make to governments".

Simon Taylor, founding director at Global Witness, said that the announcement was a welcome step foward.

However, the oil industry has argued that the transparency measures out companies at a disadvantage by having to reveal commercially sensitive information.