This report is the result of the “Promoting Hydrocarbon Transit Transparency in Bulgaria, Georgia, Turkey and Ukraine” research project undertaken under the auspices of the Open Society Georgia Foundation1 across these four participating countries.
We are at the beginning of an era of new opportunities to address the challenges faced by countries rich in natural resources but in many cases fragile and poor, work that Revenue Watch is uniquely equipped to perform.
In 2006, Asutifi, a tiny district in central Ghana, changed forever. The relatively unknown farming community had caught the attention of one of the world’s largest gold producers, Newmont Mining Corporation.
Over the past decade, the boom in commodity prices and the growth of foreign exchange reserves have made Sovereign Wealth Funds (SWF) major forces in the global economy, with the largest funds managing well over $4 trillion in assets.
The sale of crude oil by national oil companies (NOCs) generates a large share of government revenue in oil-producing countries. NOC export sales bring in more than two-thirds of total government income in countries such as Angola, Azerbaijan, Congo-Brazzaville, Iraq, Saudi Arabia and Yemen.