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One of the key objectives of the EITI is to shed light on the return that a country gets in exchange for its oil, gas and minerals. In many resource-rich countries, payments by companies to the government for rights to extract resources happen in-kind, through physical transfers of oil, gas and minerals, rather than transfers of money.
Physical revenues can also occur because the state or a state-owned enterprise SOE owns shares in a producing license. The state or the SOE then sells these physical resources, often to trading companies or domestic refineries. In order for governments implementing the EITI to fully account for all revenues received from natural resources , it is therefore necessary to know how much revenue the state or SOE gets from the sales of these resources as well as whether these sale proceeds are transferred to the budget.
This includes exports sales as well as sales to domestic buyers and refineries, and any other actors. In some countries, like Iraq, the buyers of the oil from the government also disclose how much they pay to the government, allowing for reconciliation of these figures.
Implementation of this requirement has been particularly challenging for many EITI member countries. The objective is to assist implementing countries with significant commodity trading activities in identify and consider innovative mechanisms to increase transparency in revenues received from the commodity sales. Several EITI countries are part of the targeted effort to further transparency in commodity trade:. Chad recently confirmed its official participation in the targeted effort, and is considering reporting on the long-term agreement between the Government of Chad and Glencore that includes a USD 1.
A national working group has been established to prepared reporting templates. GNPC sells its production share and royalties collected in-kind from other companies on behalf of the state to commodity trading companies. Ghana committed to participate in EITI's targeted efforts to improve commodity trading transparency during the Anti-Corruption Summit in London May , and GHEITI has prepared a programme for their work on commodity trading transparency outlining the following objectives:.
Pertamina then transfers payments to the treasury. On 1 January , Pertamina started conducting its import and sales export activity of crude oil and refined products through the Integrated Supply Chain ISC. The procurement and sales are done either through direct negotiation or closed tender to business partners that are registered with Pertamina. Presently, Nigerian SOE NNPC publishes production, lifting and sales values in aggregates but does not disclose details on off-takers and the beneficial owners operating in commodity trading.
As such, the commodity trading report will aim to:. The Treasury already publishes monthly reports on the state's sales of in-kind oil revenues, but the EITI Report will explain the operations of the Chinguetti partners' pricing committee, biennial procurement of the marketing agent and sales of quarterly cargos.
Additional information including product type, price, market and sales volumes will also be disclosed. A working group has been established to support the targeted effort, consisting of international trading companies, NGOs, and SOE representatives.
The guidance has three intended audiences: This paper is a stocktake of commodity trading transparency in select EITI implementing countries, aiming to shed light on the extent to which the level of transparency about the first sales have improved as a result of the EITI's increased focus on commodity trading transparency.
This would include countries developing innovative approaches on transparency in commodity trading that go beyond the minimum requirements. The objective is to help the EITI become as effective a vehicle as possible for advancing the broader aim of improving transparency of commodity trading. To achieve this, a multi-stakeholder working group on transparency on commodity trading has been created. Working group participants are committed towards playing a demonstrable role in strengthening government and company systems, informing public debate, and enhancing trust.
Volumes of oil sold and revenue received, including quantities forecasted to be traded under the contract - k tons in - as well as actual quantities sold during FY , notably 85k tons. The actual sales values and price are disaggregated by month. Information about the process for selecting buyers, including an overview of how auctions are conducted. A summary of the auctions in , and are disclosed, including the forecasted sales volume of the annual contract, the auction starting price, the winning bid, the name of the company winning the bid, the name of non-winning applicants and links to further information.
Explanation of the pricing system. The auction start price is set with reference to Brent oil prices through a formula that considers quality of oil to be delivered, access to international markets etc. The price includes adjustments for the transport costs in consideration to the delivery point. Transfer and expenditure of oil sale proceeds.
According to the report, it seems like Albpetrol retains the revenue from both the sale of profit oil and the sale of equity oil. View case study on Albania Visit Albania's country page. Chad Chad recently confirmed its official participation in the targeted effort, and is considering reporting on the long-term agreement between the Government of Chad and Glencore that includes a USD 1. Ghana committed to participate in EITI's targeted efforts to improve commodity trading transparency during the Anti-Corruption Summit in London May , and GHEITI has prepared a programme for their work on commodity trading transparency outlining the following objectives: A commodity trading report is expected in October Link to work programme Visit country page.
The commodity trading report is expected in August As such, the commodity trading report will aim to: Case studies, new and events. Related documents on commodity trading. Commodity trading transparency stocktake Published Date: ToR for a targeted effort on transparency in commodity trading Published Date: Guidance note 26 - Reporting on first trades in oil Published Date: Guidance note 26 — Requirement 4.
A brief on how the EITI can be a tool for improving transparency in the oil trading business. Terms of Reference for the working group on transparency in commodity trading Published Date: