EITI glossary
This glossary is compiled by the EITI International Secretariat and is only provided as a resource.
- Barter
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An agreement between an extractive company and the government where the company uses non-monetary exchange (usually infrastructure) for a country’s natural resources. The resources involved may include exploration or production rights for oil, gas, and minerals, and other elements such as access to land, energy and water resources. The infrastructure projects may include railways, roads, ports, power plants, schools and hospitals. These agreements are also called: “infrastructure provisions”, “barter agreements”, and “minerals for infrastructure”deals.
- Beneficial ownership
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Describes the ‘natural’ person(s) who, directly or indirectly, ultimately own(s) or control(s) a corporate entity, a license or other property.
- Brent crude
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A major trading classification of sweet light crude oil comprising Brent Blend, Forties Blend, Oseberg and Ekofisk crudes (also known as the BFOE Quotation). Brent Crude is sourced from the North Sea. The Brent Crude oil marker is also known as Brent Blend, London Brent and Brent petroleum.