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.”

CorporateRegister.com 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 CorporateRegister.com 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.