Oil trading is likely to come under new disclosure rules as the industry-backed Extractive Industries Transparency Initiative discusses how to include deals between national oil companies and traders.
The discussions could have significant implications for the publicity-shy Swiss-based commodities trading industry, including top companies Vitol, Glencore, Trafigura, Mercuria and Gunvor. It would also affect oil companies such as London-listed BP and Royal Dutch Shell and Total of France, which have large trading arms.
The EITI is a 10-year-old voluntary scheme to improve transparency in the natural resources industry. Until now it has focused on mining and oil companies’ payments to governments, including royalties and taxes.
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