Geneva, 18 June 2019 - The 2019 Extractive Industries Transparency Initiative (EITI) Global Conference got underway in Paris this week under the leadership of newly elected EITI Chairperson Helen Clark, former Prime Minister of New Zealand. On Monday afternoon, James Nicholson, Head of Responsibility for Trafigura was elected to the EITI Board, representing the first commodities trader to hold the position.
Guided by the belief that a country’s natural resources belong to its citizens, the EITI is the global standard to promote the open and accountable management of oil, gas and mineral resources.
The EITI Standard, which over recent months has undergone a revision, following comprehensive input from Trafigura, requires the disclosure of information along the extractive industry value chain from the point of extraction, to how revenues make their way through the government, and how they benefit the public.
In 2014, Trafigura became the first independent commodities trading company to both declare its support for the EITI and then to make formal disclosures of its payments to governments for oil. Trafigura has since made disclosures of over USD 15.7 billion to EITI countries and USD 93.5 billion in payments to all other countries.
For further information please contact:
Trafigura’s Global Press Office: +41 22 592 45 28 or email@example.com
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Notes to editors
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world. The trading business is supported by industrial and financial assets, including 49.3 percent owned global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura's Mining Group; and Galena Asset Management. The Company is owned by around 700 of its 4,300 employees who work in 66 offices in 38 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.