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Video: Grupo Faro Extracts Transparency

Published: 5 years, 5 months and 16 days ago

grupo faro

Source: Revenue Watch Institute

Author: María del Carmen Pantoja, RWI CA Fellow

Date: 13th October 2011

RWI partner Grupo Faro has released a short video to promote its new Extracting Transparency Initiative, an effort to improve the information available about oil and mining activities in Ecuador. In the video, Ecuadorian President Rafael Correa discusses the lack of independent information available about oil industry activities in Ecuador, with government experts relying on company data.

The video was created for this October’s International Conference on Transparency in the Extractive Sector, which was held in Quito and was attended by representatives from government, industry and civil society across Latin America, Europe and the U.S.

“Improving transparency and access to information will only be achieved when we have the commitment of public institutions, oil companies and civil society organizations, who come together to generate, disseminate and above all use that information, in a way that helps make the oil sector more transparent, more efficient, more democratic and more aligned with the public welfare,” said Grupo Faro Executive Director Orazio Bellettini.

The goal of the Quito conference was to promote information disclosure and dialogue among all actors involved in natural resource exploitation and to note that more information does not always equal greater transparency.

More than a third of Ecuador’s national budget depends on oil revenues. Through the Extracting Transparency Initiative, Grupo Faro seeks to increase transparency and reduce corruption in the oil and mining sector by tracking natural resource policies.

To watch the video visit the Revenue Watch website

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