Wednesday, January 14, 2009

KNPC to launch sustainability report

The list of oil and gas companies that issue corporate social responsibility (CSR), or sustainability reports, is growing. These are nonfinancial reports issued for stakeholders, potential investors, and other interested parties.

Kuwait National Petroleum Co. announced plans for a 3-year program geared to produce a CSR. KNPC’s first draft is expected to be circulated in 2009. KNPC scheduled an interim report in July 2010 and a final CSR by August 2011.

Farouk Hussain Al-Zanki, KNPC chairman and managing director, calls his company “one of the most environmentally-conscious and socially aware companies in the region and across the wider world.” Ltd., a London company that tracks CSR reports, lists 290 oil and gas companies worldwide. Some of these are national oil companies.

During a quick online search of for existing CRS reports from Middle Eastern oil companies, I found Abu Dhabi Gas Industries Ltd. and Abu Dhabi National Oil Co. listed.

KNPC said it also plans “a more sophisticated web site to reflect the company’s commitment to making the priorities of people and planet as important as project.”
Recently, the Council of Arab Environmental Ministers awarded their 2008 “Cleanest Production” prize to KNPC.

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Blogger PJ said...

Do you think that self certifying is effective?

Despite the critics' views that "Sustainability" and "Social Responsibility" have become marketing catch phrases, I think that any attempt to provide more information about these issues makes companies more transparant and thus helps address these important issues.

January 15, 2009 at 3:15 PM  
Blogger james said...

Why isn't CO2 being used as a gas to push oil in secondary oil recovery methods rather than merely storing it like in this article?

January 16, 2009 at 8:15 AM  
Blogger Paula Dittrick, OGJ Senior Staff Writer said...

I agree wth PJ that any corporate efforts toward more transparency are worthwhile. In October, this blog featured an article entitled "Credibility of CSR reports studied." You can find that headline in the Previous Posts column just to the right of these comments.

January 16, 2009 at 2:49 PM  
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