Oil trading firms are concerned about how they are seen and are changing activities and becoming more transparent to deal with such “perceptions”. Trafigura joined the Extractive Industries Transparency Initiative (EITI) in November last year, and has been funding research about commodities trading at a crucial juncture in the European regulatory process. “We have got a responsibility,” chief executive Jeremy Weir told the FT Commodities Global Summit in Lausanne on 21 April. “We think the trading groups should be doing the same thing.” Trafigura hopes that other trading firms will join and is seeking to devise a transparency regime for trading firms through the EITI. “People want to know what you are doing, in particular with national oil companies,” Weir says.
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