News

Data Transparency as Key Factor in Industry Development and Companies Safe Operation

Paris, June 17, 2019 – Ukraine has participated in a round table discussion within the Extractive Industries Transparency Initiative’s Global Conference currently held in Paris. Representatives of the Ukrainian Parliament, Government, gas-producing industry and public sector presented their most important achievements in data transparency within the framework of the Initiative.

Transparency of geological data will facilitate investors’ access to the Ukrainian extractive industry

Viktor Gladun, PPC General Director, presented the Company’s case regarding disclosure of geological information and commented as follows: “The Extractive Industries Transparency Initiative contributed to the big step Ukraine has made towards data transparency. Ukraine has become more attractive to investors. Transparency of geological information is the next step contributing to a full-scale reform of the subsoil use system and facilitating investors’ access to the extractive industry. And this, in its turn, is essential for competitiveness of the market and energy security of the country”.

The round table discussion was attended by representatives of other EITI countries, who became interested in the experience of Ukraine and that of our Company, in particular.

The participants have arrived at a conclusion that the higher the level of transparency the entire industry and each particular company has, the safer their operation is. With PPC’s experience being a success, we keep encouraging other subsoil users to join the initiative.

EITI is an international data transparency initiative. Ukraine has been its member since 2013. Since 2015, Ukraine has been publishing annual reports showing how many companies operate in the extractive industries and how much taxes they have paid. The Verkhovna Rada of Ukraine passed the Law “On Ensuring Transparency in Extractive Industries” in 2018.

More information on the Initiative can be found at http://eiti.org.ua/ipvh-v-ukrajini/