A brief on how the EITI can be a tool for improving transparency in the oil trading business.
This paper provides an overview of EITI reporting by state-owned, National Oil Companies (NOC) and oil traders. It sets out the importance of transparency and accountability in the “first trade” i.e. the sale of oil by NOC to oil trading companies. In many resource-rich countries, the largest revenue streams accruing to government are a share of production, received “in-kind” rather than in cash.