New EU oil legislation welcomed by Harkin

Large European extraction companies such as oil, mining and logging firms will be forced to disclose far more details of the dealings they have with the governments of the countries they are operating in.

That follows new legislation approved by the European Parliament yesterday.

The aim is to make companies extracting the likes of oil, gas and diamonds, and other natural resources more transparent.

Independent MEP Marian Harkin says the new rules will go a long way to stamping out dubious practices.

"I think what this ensures is that we are aware of the business that they are doing, and that corrupt governments and these larger companies can't be…in cahoots together to the detriment of the people in those countries" she said.

"In conflict zones: that that money is not used to back one side or the other" she added.

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