• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 4 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 22 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 23 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 23 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 22 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 21 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 2 hours Washington Eyes Crackdown On OPEC
  • 1 day Saudi A to Splash $100 Bln on India
  • 2 days Amazon’s Exit Could Scare Off Tech Companies From New York
  • 2 days Itt looks like natural gas may be at its lowest price ever.
  • 1 day Venezuela: Nicolas Maduro closes border with Brazil
  • 20 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 2 hours Can the World Survive without Saudi Oil?
The Net-Zero Energy Housing Boom Is Starting Here

The Net-Zero Energy Housing Boom Is Starting Here

California, the leading state in…

Kicking Mexico’s Addiction To U.S. Natural Gas

Kicking Mexico’s Addiction To U.S. Natural Gas

Mexico’s President Andres Manuel Lopez…

Oil Trader Gunvor Joins Payments Transparency Initiative

oil

One of world’s biggest independent oil traders, Gunvor, is joining the Extractive Industries Transparency Initiative (EITI), a voluntary disclosure program for improving transparency of revenues from natural resources.

Gunvor is the second commodity trading house to join the initiative that is also aimed at stamping out corruption in the oil industry, following Trafigura which has been supporting the program since November 2014.

“Gunvor’s support for the EITI reflects our commitment as a trading house to uphold progressive policies and practices in the oil and gas sector,” Torbjörn Törnqvist, CEO of Gunvor Group, said in a statement on Wednesday.

“As one of the largest physical energy trading companies in the world, we recognize we have role in promoting transparency and accountability. The EITI will help us accomplish this in a commercially responsible manner,” said Törnqvist.

As a supporter of the initiative, Gunvor will disclose information about its first purchases from national oil companies (NOCs) for crude oil, petroleum products, and gas.

Now that Trafigura and Gunvor are part of the transparency initiative, it will likely put pressure on the other big oil trading houses such as Vitol and Mercuria to also join.

Glencore is part of the EITI, but a Glencore spokesman declined to comment for Bloomberg on the group’s trading business on Wednesday, saying that Glencore is already EITI-compliant in its mining and oil-extraction operations. Glencore is expected to publish its transparency report for 2017 some time in the next six weeks.

Trafigura, for its part, reported in its latest EITI-related disclosure that it raised the share of direct oil purchases from NOCs in its total trade, while the value of its direct deals with state firms rose by nearly 60 percent in 2016. Trafigura said in its report that its aggregate first purchases from NOCs in EITI countries was US$1.1 billion in 2016, compared to US$915 million in 2015. Aggregate first purchases from NOCs in non-EITI countries, on the other hand, jumped to US$20.1 billion in 2016 from US$12.7 billion in 2015. Trafigura bought 1.5 million bpd from NOCs in 2016, out of its total traded volume of 4.3 million bpd.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News