Trafigura Paid Nigeria USD14.2 Billion In 2014 For Crude Oil Sales

trafigura

Trafigura, one of the largest oil trading firms with a major interest said it paid a total of USD14.2 billion in 2014 to the Nigerian government for all its crude oil lifting.

The disclosure also includes oil swap deals the company has with EITI countries including Nigeria.

This disclosure was contained in its 2016 Responsibility Report. The disclosure is part of its duty after joining the Extractive Industries Transparency Inititives, EITI.

The international oil trading community has not been known to disclose finite details about it dealings. Trafigura is the first commodities trading firm to report payments to national oil companies (NOCs) for purchases of crude oil, refined products and gas under the Extractive Industries Transparency Initiative (EITI).

The company also released additional data as part of this process – including an aggregate figure of payments made by Trafigura to non-EITI countries. This provides further context and demonstrates the challenge ahead in broadening existing EITI coverage.

The company was founded in 1993, the Trafigura Group has become one of the world’s leading independent commodity traders, specialising in the oil, minerals and metals markets. The company has achieved substantial growth in recent years, growing revenue to USD127.6 billion in 2014.

Primary trading activities are the supply and transport of oil and petroleum products and metals and minerals. The trading business is supported by industrial and financial assets including global oil products distribution company Puma Energy; joint venture company DT Group; global terminals operator Impala; Trafigura’s Mining Group and Galena Asset Management.

The Trafigura Group is owned by 600 of its 5,300 employees who work in 36 countries around the world. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.

Other trading firms who have not so far disclosed their information include:  Vitol Group, Glencore Plc, Gunvor Group, BP Plc and Royal Dutch Shell Plc.