An international initiative to promote transparency in the oil industry\'s often-murky finances will fail unless China participates, a German official said yesterday.
The Extractive Industries Transparency Initiative, currently supported by more than 30 governments and 25 oil, gas and mining companies, will achieve a “level playing field” against corruption only if Beijing joins, said Bernd Pfaffenbach, envoy for the German chancellor, Angela Merkel, to the Group of Eight industrial states.
The EITI will win full backing this year from the G8 and possibly from the United Nations, according to Mr Pfaffenbach and EITI officials. The envoys from all G8 countries had recently “expressed concern” over China\'s booming investments in Africa\'s energy sector, and Beijing should be “made to feel more responsible” for its development impact, said Mr Pfaffenbach.
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