Trafigura Reveals $4.3 Billion in Oil Payments to Governments

Author: Andy Hoffman, BloombergBusiness (USA), Published on: 16 November 2015

Trafigura Pte Ltd. disclosed $4.3 billion in oil-related payments to state entities in 2013 as part of a push toward more transparency... The firm said the funds were used to purchase crude oil, refined petroleum products and gas from national oil companies in countries that have signed up to the Extractive Industries Transparency Initiative, or candidate countries. It revealed payments made in Colombia, Ghana, Nigeria, Norway, Peru, and Trinidad and Tobago in its inaugural responsibility report. 

The commodity trading industry, much of it centered in Switzerland where traders aren’t directly regulated, has long been noted for its opacity... [The] traders have cited competitive reasons for their furtive ways... 

“While the number of countries covered and the level of granularity of the data are still rather disappointing, we welcome this transparency effort as a first step in the right direction,” said Oliver Classen of the Berne Declaration... [also refers to Vitol, Gunvor, Nigerian National Petroleum Company (NNPC)]

Read the full post here

Related companies: Nigerian National Petroleum Corporation (NNPC) Trafigura Beheer Vitol