Transparency

Gunvor Group supports the Extractive Industries Transparency Initiative (EITI), which implements the global standard to promote the open and accountable management of oil, natural gasNatural Gas Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane (CH4), but commonly includes varying amounts of other higher alkanes, and sometimes a small percentage... Read more, and mineral resources.

The EITI Standard, predominantly applied to extractive companies, requires the disclosure of information along the extractive industry value chain, beginning from the point of extraction, along to how revenues make their way through governments, and then how they benefit the public. Gunvor continues to be one of three physical energy trading companies to participate in EITI with respect to purchases of crude oilCrude oil refers to unrefined petroleum that is found with the Earth’s crust. Read more and oil products**Oil Products** Oil products, also known as petroleum products, are the end products derived from the processing of crude oil in oil refineries. Crude oil is a fossil fuel that... Read more.

EITI seeks to strengthen public and corporate governance, promote understanding of natural resource management, and provide the data to inform reforms for greater transparency and accountability in the extractives sector. In each of the 55 implementing countries, the EITI is supported by a coalition of government, companies, and civil society.

Gunvor views this approach as consistent means by which to reliably report on our company’s payments to governments, with the aim to improve transparency and reduce the potential for corruption in cooperation with these governments.

Gunvor’s reporting includes purchases of crude oil and refined oil products acquired from state-owned enterprises (SOEs) in EITI implementing countries. Governments of EITI countries must hold a majority stake (more than 50%) in the respective SOEs. Payments and volumes are aggregated under the parent company. Volume information is presented as available. Given the complexity of transaction types and variety of data involved in these purchases, Gunvor continues to work with EITI, relevant trading peers, and other transparency related organisations to improve disclosures.