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Environmental Costs and Liabilities in Annual Financial Reports: current trends and future perspective

Stefania Borghini Roberta Salomone∗ Fondazione Eni Enrico Mattei Univerisità di Catania

“Disclosure of environmental information in Annual Report is likely to have a positive impact on corporate environmental policies and programmes. Experience has shown that the publication of data on toxic emissions has had a more powerful effect on reducing than 20 years of regulation” (ISAR, 1993)

1. Introduction

Laws and regulations promoting cleaner environment have led corporations to take actions relating to the environment which are costly and which has resulted in substantial financial consequences for companies, but on the other hand companies have not been pressed enough to report these information to the various stakeholders. This means a large number of interested groups are not getting information relevant to their decision-making needs.

On one hand environmental issues can dramatically impact a company’s short-term financial position and its changes for long term success. Today, this new variable should be considered in financial accounting and reporting as well as in modern financial analysis because they substantially influence risk and opportunities of companies, and in extreme situations also the continuity of the business. Example of environmentally induced financial impacts on companies are environmental charges, fees, fines, sanctions, site abandonment costs, lower value of polluting production devices, environmental liabilities, etc.

On the other hand financial markets react to environmental impacts of a company as soon as the impacts are monetarized and made material for the company. Financial analysts assess and consider environmentally induced financial risks and opportunities only if they posses reliable and comparable information, as a consequence disclosing environmental data in annual reports may affect the perceptions of an enterprise’s earnings and cash flow. ∗ Dottorato di ricerca in “Tecnologia ed economia dei processi e dei prodotti per la salvaguardia dell’ambiente”

Partnership and Leadership: Building Alliances for a Sustainable FutureNovember 15-18, 1998 Seventh International Conference of Greening of Industry Network Rome

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Unlikely in accounting literature little guidance can be found that specifically covers accounting for and disclosing information on environmental costs and liabilities. Such items are not generally separately identified in financial reports; consequently, users of financial reports have some difficulties in judging how, or to what degree, entities are responding to increased demands for environmental protection

2. Aim of the study An increasing number of companies, especially in the oil & gas sectors, is starting to disclose environmental information in their Annual Financial Reports (AFR). In 1991 a transnational research of the United Nation (Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting; International Accounting and Reporting Issues,1991), highlighted that 85% of the considered AFRs already disclosed some kind of environmental data. The problem is the low quality of these information, the lack of quantified data, and the different location of the same information from annual report to annual report and from country to country. These are important issues since first of all the differences in environmental disclosures influence the comparability of the annual reports (among companies and years), and secondly the location strongly impact the responsibility of the company. The value of the same data is different if these are disclosed in the financial statement or in the narrative part of the annual report. To overcame these problems many expert groups, professional organisations and standard setters have recently developed guidelines, accounting principles and in some countries also regulations. Just to mention some: ICAEW (Institute of Chartered Accountants of England and Wales), ACCA (Chartered Association of Chertified Accountants), CICA (Canadian Institute of Chertified Accountants) , FEE ( Federation des Expert Countables), and UN (United Nations). Also in Italy the National Association of Professional Accounters has started to study how to revised the existing Accounting Principles in order to take into account also the environmental aspects.

The documents developed by these organisations, born to clarify and standardised environmental financial accounting practices, are often in contradiction and make the situation even more puzzling for companies and stakeholders. The aim of our study is to understand the state of the art of environmental disclosure in annual reports and to stress the differences among the companies practices. We consider that only starting from a deep understanding of the current practices and of the conditions that create favourable situation for better environmental disclosure it is possible to point out the best policy instrument to press companies to be more transparent.

3. Methodology This study examines environmental disclosure in AFRs of selected firms in the Oil & Gas and Chemical industries using content analysis. The environmental information presented in the survey reports was analysed to determine the existence, type, extent and location of the following environmental disclosure categories:

- environmental policy, targets and environmental management system;

- environmental impacts; - green products;

- mention of the environmental report; - environmental capital and operating expenses; - extraordinary environmental items;

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- environmental tangible and intangible assets.

- accounting policies for environmental expenses and liabilities; - environmental reserves;

- other environmental contingent liabilities; - environmental insurance;

The study aims also at understanding if the differences in environmental disclosures are related or not with the nationality of the companies. AFRs of 69 Oil & Gas and Chemical industries have been gathered from 1993 to 1996, chosen in order to have a sample of the most representative companies of the two clusters and in order to have a sample from different countries (Annex 1).

Environmental information were at first gathered using a check-list, based on guide-lines formulated by the most important Accounting Standard Setting Bodies, and then organised in a data-bank. Other analyses of the United Nations (International Accounting and Reporting Issues, 1991) and of the Canadian Institute of Certified Accountants (Environmental Reporting in Canada: a survey of 1993 reports, 1993), dealt with the environmental information in annual reports, and tried to identify the most common practices. Our research must be seen as an update of those analyses considering certain differences. On one hand we concentrated our effort only on the two clusters (oil&gas and chemicals) with a stronger impact on the environment, and consequently with more relevant information to disclose, on the other hand, following the new literature, we widened the list of information analysed in annual reports.

4 Results of the survey The first result to be underlined is that almost all the annual reports (90%) provide some kind of environmental information. The high disclosure level is determined by the choice of two industries that are currently subject to strict environmental regulation and strong public pressure. This allowed an in-depth analysis of the format and location of environmental disclosures. The following paragraphs describe the survey results in more detail.

4.1 Environmental Narrative Information In our research we divided the environmental information in narrative and financial. As narrative we considered all the information the company provides on its environmental policy, objectives, environmental management system, performance, green products, and more in general all the descriptive information regarding the management and communication of environmental aspects (Figure 1). Figure 1 Percentage of AFR with Environmental Narrative Information

4

8,70

14,49

14,49

15,94

17,39

26,09

27,54

27,54

30,43

33,33

42,03

63,77

0 10 20 30 40 50 60 70 80 90 100

Environmental promotional messages

Environmental organisation

Environmental monitoring

Environmental Audits

Environmental training

Description of environmental targets

Environmental certification

Environmental impacts

Environmental Management System

Mention of ER

Green products

Environmental policy

4.1.1 Environmental policy, objectives and management systems There is an increasing trend of AFRs that give a brief description of the company environmental strategies, commitments and measures. In particular these information can be a description or a simple reference to the existence of a company environmental policy (64%), objectives (26%), and management system (30%). The survey pointed out also the presence of less obvious information as: environmental audits (16%), environmental training (17%), monitoring system (14%), and certification of the environmental management system (28%). To facilitate the identification of these environmental issues the 68% of the annual reports dedicate a space, that can be a section, a page, or a single paragraph, specifically entitled to the environment or to environment, health and safety (HSE). The descriptive information are generally contained in this space, but also other session can contain environmental information, as for example the “Letter to shareholders”, the “Description of activities”, and other descriptive paragraphs (Box1).

There are cases where the annual report does not contain any dedicated paragraph but environmental data are spread all over the narrative part of the report; a typical example is the Nippon Oil Company report that provides information in the A Message from the President, and in some paragraphs of the Review of operation, as Description of activities and the Research and Developments initiatives, but does contain any dedicated space. There are also annual reports that present more than one dedicated paragraphs in different session of the document, as in the case of Eskom .

Box 1 Examples of Environmental policy, objectives and management systems information in AFRs

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BP Annual Report 1995 - Corporate Governance “Board committees”

The Audit Committee ...(omissis)

The Remuneration Committee ...(omissis)

The HSE Audit Committee monitors BP’s Health, Safety and Environmental policies and compliance with those policies.

The External Affairs Committee ...(omissis)

The Nominations Committee ... (omissis).”

Amoco Annual Report 1994 – Misssion Statement

...We conduct our business responsibly ...(omissis) to benefit shareholders and fulfil our commitment to the community and the environment…

British Petroleum Annual Report 1994 - Review of operations

BP Exploration - BP Exploration is committed to achieving high HSE standards in all its operations, and to this end launched a set of new goals in 1994 ...(omissis). As part of our commitment to high environmental standards, we have been installing improved water treatment and disposal equipment on our North Sea platforms to deal with the rising volumes of reservoir water being produced...(omissis)

BP Oil – Maintaining high HSE standards is a concerstone of all BP Oil’s operations. In 1994 its environmental and safety performance was recognised by many external awards...(omissis). We are still on course to meet our goal on cutting refinery emissions. By the end of 1995, we expect to have riduced, from a 1990-base, discharges to water by 50% and emissions to air by 25%...(omissis).

BP Chemical - (Omissis)...BP Chemical continues to make progress in the field of environmental protection. Since 1990 it has reduced emissions from its major sites by almost 25% and is on course to achieve tough, self-imposed targets in 1997. Since 1992, it has published each year the results of progress on meeting these targets. With partners, it is operating a pilot plant at Grangemouth for “polymer cracking” technology, a process for recycling plastic waste back to petrochemical feedstock...(omissis).”

4.1.2 Environmental impacts

Although this is a typical disclosure of the environmental report, the document specifically dedicated to environmental communication, we found the 28% of annual reports presenting a qualitative description of the environmental impacts. The percentage could seem not so relevant, but if we consider that the principal stakeholder of this document is the financial community, this is already an important signal.

Only the 9% of annual reports give also some kind of quantification of these impact. Good examples are given by Neste 1996 and PowerGen plc 1996. In the Neste’s annual report the quantified environmental impacts are disclosed in “Neste in brief” with all the information that are relevant for an economic evaluation of the company. In Powergen’s annual report we found the environmental impacts, compared with the legislation limits. Information, as it is easy to understand, extremely important for an evaluation of the company environmental liabilities.

4.1.3 Ecological products and Promotional messages

Recently two new trends in companies environmental strategies can be recognised: an increasing effort in reducing environmental impacts during products consumption and disposal and sponsorships of environmental activities that are not related with the company production process.

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These are reflected also in the company communication, so that is not surprising to find such information in environmental or social reports or in company advertising. More peculiar is that some companies are starting to disclose these information in annual reports.

42% of the sample give some kind of description of ecological products. The high percentage can be explained considering the new legal environmental requirements for the oil&gas industry products (for example the EU Directive 93/12 on sulphur contents in fuel oils and diesel gasoline). 9% of the annual reports include messages and photographs that communicate and emphasise, in few words, the company commitment in environmental initiatives, and that can be defined as promotional messages. Examples are showed in Box2

Box 2 Examples of Ecological products description and Promotional messages in AFRs Chevron Corporation Annual Report 1996- Report On The Environment (Omissis)... Cleaner-burning gasoline debut. By June 1, 1996, all of Chevron’s California service stations were selling reformulated gasolines mandated by the state. The cleaner-burning gasoline have cut car and light truck emissions by 15%, a statewide reduction of 3 million pounds of pollutants a day...(omissis).

Neste Annual Report 1994 - Divisional Review More environmentally compatible products are an asset – (Omissis)...With the approach of the 1990s, Neste decided to focus on environmental factors in creating competitive edge. Neste introduced fuel oils and diesel fuels with increasingly lower sulphur contents and improved the quality of its gasoline, thereby reducing tailpipe emissions....(omissis). Neste was the first oil company in Europe to launch reformulated gasoline ...(omissis). The use of cleaner fuels has resulted in reductions in some of the most harmful emissions generated by road traffic. In the Helsinki area alone, these reductions totalled over 7,000 tonnes annualy...(omissis). Amoco Annual Report 1995 - Environment, Health and Safety A Sanctuary for Nature - Rich Harris, solid waste co-ordinator at our Whiting Ind. refinery, checks the nesting material of a wood duck nesting box at the nearby Lost Marsh. The 10-acre preserve was established by employees on undeveloped company land and reclaimed from litter, overgrowth and invasive plants. Today it is a refuge for more than 23 bird and 59 plant species

4.2 Financial Environmental Information The environmental financial information refers to quantified or non quantified disclosures of environmental costs, liabilities, commitments and accounting policies (Figure 2).

Figure 2 Percentage of AFRs with Financial Environmental Information

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1,45

0,00

1,45

4,34

5,79

10,14

36,23

47,83

57,97

62,32

0 10 20 30 40 50 60 70 80 90 100

Intagible assets

Intangible assets

Tangible assets

Extraordinary expenses

Recoveries

Operating costs

Contingencies

Capital expenditures

Environmenal reserves

TotaleQuantitativeQualitative

4.2.1 Total Amount of Environmental investments and expenses.

The separate disclosure of environmental expenses can be referred to the total amount (and in this case it would provide information about the impact of the entity’s operations on the environment and the economic impact of the society’s concerns about the environment on the entity), or to particular environmental expenses, that are related to a particular transaction or event or series of events. With regard to the first item, 58% of the sample contains information on environmental capital expenditures, and 36% on operating expenditures. Companies provide this information, even when in quantitative terms, mainly in the narrative part of the report and in particular in the dedicated space. The amount that is charged to the current period may be an estimation, often the monetary value is accompanied with mitigating words such as “approximately” or the “estimation is about”. Some companies refer to guidelines as The American Petroleum Institute to overcame the uncertainties linked with the total amounts of environmental expenses. In some companies (26%) it is possible to find also details about previous and projected levels of environmental expenditures. For examples of companies that disclose these information look at Box3. Box 3 Examples of Environmental expenditures in AFRs Monsanto Annual Report 1996 - Review of cash flow “Monsanto maintains strong environmental commitment” - (Omissis)...Expenditures in 1996 were approximately $ 48 million for environmental capital projects and approximately $ 203 million for the management of environmental programs, including the operation and maintenance of facilities for environmental control. Monsanto estimates that during 1997 e 1998 approximately $ 40 million to $ 50 million per year will be spent on additional capital projects for environmental protection ...(omissis).”

Rohm & Haas Company Annual Report 1996 - Management’s Discussion & Analysis

“Environmental expenses and capital spending” - (Omissis)...Capital spending for new environmental protection equipment was $ 32 million in 1996. Spending for 1997 and 1998 is expected to be approximately $22 million and $19 million, respectively. Capital expenditures in this category include projects whose primary purpose in pollution control and safety...(omissis). Capital spending does not include the cost of environmental remediation of waste disposal sites. Cash expenditures for waste disposal site remediation were $58million in 1996, $51 million in 1995 and $ 46 million in 1994. The expenditures for remediation are charged against accrued remediation reserves. The cost of operating and maintaining environmental facilities was $104 million, $96 million and $107 million in 1996, 1995 and 1994 respectively, and was charged against current-year earnings...(omissis).

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4.2.2 Environmental liabilities

Many expert groups believe that there should be serparate disclosure of environmental liabilities1, and also standard setters in some parts of the world state that those recognised environmental liabilities that are individually material should be disclosed separately. In our analisys 62% of the collected annual reports describe environmental liabilities and 55% give the information in quantitative terms. Some of the companies providing these information disclose also annual charges and expenditures(25%), and environmental provisions trends (42%).

The survey pointed out that generally, it is possible to find two different kind of environmental liabilities :

- abandonment, decommissioning and restoration costs related to future costs to abandon and remove wells and production facilities (the oil&gas sector follows specific accounting principles for the recognition and measurement of this item)

- future environmental remediation costs related to future environmental assessment or clean-ups.

Even if there are still companies that disclose the accumulated provision for both liabilities without any distinction. Box 4 Examples of Environmental liabilities in AFRs Amoco Annual Report 1996 MD&A Environmental protection and remediation costs - (Omissis)...At December 31, 1996 the corporation’s reserves for future environmental remediation costs totaled $ 538 million, of which $ 318 million related to refining and marketing sites. The corporation also maintains reserves associated with dismantlement, restoration and abandonment of oil and gas properties, which totaled $ 654 million at December 31, 1996....(omissis).

Exxon Annual Report 1996 - MD&A

Site restoration and other environmental costs - (Omissis)...At the end of 1996, accumulated site restoration and environmental provisions, after reduction for amounts paid, amounted to $ 2.6 billion. Exxon believes that any cost in excess of the amounts already provided for in the financial statements would not have a materially adverse effect upon the corporation’s operations, financial condition or liquidity...(omissis).

Amoco Annual Report 1996 MD&A

Environmental protection and remediation costs - (Omissis)...The corporation and its subsidiaries maintain insurance coverage for environmental pollution resulting from sudden or accidental release of pollutants. Various deductibles of up to $50 million per occurrence could apply, depending on the type of incident involved. Cover for other types of environmental obligations is not generally provided, except when required by regulation or contract. The financial statement do not reflect any significant recovery fron claims under prior or current insurance coverage...(omissis)

In spite of the high percentage of annual reports that disclose environmental liabilities, expected recoveries are quantified and shown separately from gross liabilities only in 6% of the annual reports.

1 Accounting principles underlying our basic accounting framework indicate generally that if an expenditures is to be made in future period as the result of a transaction or event that has occurred, a liability exists. Further such liability should be recognised if it is probable and if it can be reasonably estimated.

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4.2.3 Environmental commitments and contingencies.

Companies are also subject to loss contingencies pursuant to environmental laws and regulations, litigation and other environmental matters. Generally the nature and the amount of these events and losses are unpredictable. Of the survey companies, 48% disclosed environmental contingencies, of which 52% set out quantitative information and 30% detailed uncertainties, claims and litigation related to environmental matters.

This is an area where it is particularly difficult to draw conclusions regarding the level of disclosure or non-disclosure, as non disclosure may occur either because the corporation has no material legal proceedings or because it has decided, for a variety of reasons not to disclose environmental commitments and contingecies. A common practice for the surveyed companies is to admit that they are subject to contingencies pursuant to environmental laws and regulations that in the future may require the company to take further action to correct the effects on the environment, but they also assure that their liquidity, financial position and profitability are not expected to be materially affected. As it is easy to understand such statement without further explanations do not add much, and the users have difficulties in judjging and comparing different risk positions. Box 4 Examples of Environmental commitments and contingencies in AFRs Amoco Annual Report 1996 - Notes to Financial Statements Other Contingencies - Amoco is subject to federal, state and local environmental laws and regulations. Amoco is currently participating in the cleanup od numerous sites pursuant to such laws and regulations. The reasonably estimable future costs of probable environmental obligations, including Amoco’s probable costs for obligations for which Amoco is jointly and severally liable, and for assets or businesses that were previously disposed, have been provided for in the corporation’s results of operations. These estimated costs represent the amount of expenditures expected to be incurred in the future to remediate sites with known environmental obligations. The accrued liability represents a reasonable best estimate of Amoco’s remediation liability. As the scope of the obligations becomes better defined, there may be changes in the estimated future costs, which could result in charges against the company’s future results of operations. The ultimate amount of any such future costs, and the range within which such costs can be expected to fall, cannot be determined. Although the costs could be significant in relationship to the results of operations in any one period, they are not expected to have a material effect on Amoco’s liquidity or consolidated financial position. (Omissis).

4.2.4 Accounting policies for environmental costs and liabilities.

The discussion above suggested that the disclosure of environmental expenses and liabilities may not be particularly informative without further information about the criteria of estimation. So many are the uncertainties in these evaluations that without considering the accounting policies those figures are not comparable among companies.

59% of the AFRs contain accounting policies related to environmental issues such as expenditures, costs and liabilities. More in details, environmental capital and operating expenditures and environmental liabilities are made object of accounting policies in 44%. Accounting policies referring esclusively to environmental expenditures can be found in 5% of the cases.

Box 5 Examples of accounting policies for environmental expenses and liabilities British Petroleum Annual Report 1996 - Accounting policies

Decommissioning- Provision is made for the decommissioning of production facilities in accordance with local conditions and requirements on the basis of costs estimated as at the balance sheet date. The provision is allocated over accounting periods using a unit-of-production method based on estimated proved reserves.

Environmental liabilities - Environmental expenditures that relate to current or future revenues are expensed or capitalised as appropriate. Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future earnings are expensed. Liabilities for environmental assessments or clean-ups are

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probable and the associated costs can be reasonably estimated. Generally, the timing of these provisions coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive sites....(omissis).

Chevron Annual Report 1996 - Notes to Consolidated Financial Statements

Environmental Expenditures that relate to current ongoing operations or to conditions caused by past operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalised. Liabilities relate to future remediation costs are recorded when environmental assessments and/or cleanups are probable, and the costs can be reasonably estimated. Other than assessments, the timing and magnitude of these accruals are generally based on the company’s commitment to a formal plan of action, such as an approved remediation plan or the sale or disposal of an asset. For the company’s U:S: and Canadian marketing facilities, the accrual is based on the probability that a future remediation commitment will be required. For oil and gas and coal producing properties, a provision is made throught depreciation expense for anticipated abandonment and restoration costs at the end of the property’s useful life.

For Superfund sites, the company records a liability for its share of costs when it has been named as a Potentially Responsible Party (PRP) and when an assessment or cleanup plan has been developed. This liability includes the company’s own portion of the costs and also the company’s portion of amounts for other PRPs when it is probable that they will not be able to pay their share of the cleanup obligation.

The company records the gross amount of its liability based on its best estimate of future costs in current dollars and using currently available technology and applying current regulations as well as the company’s own internal environmental policies. Future amounts are not discounted. Recoveries or reimbursements are recorded as an asset when receipt is reasonably assured

3.3. Location of Information in Annual Reports To facilitate the identification of environmental issues 68% of the annual reports dedicate a space, that can be a section, a page, or a single paragraph, specifically entitled to the environment or to environment, health and safety (HSE). In detail the title refers only to environment in 49% of the cases, to environment, health and safety in 36% and in 15% of the annual reports both title and two separate paragraphs were found. The environmental information –in particular the non financial information- is generally contained in this space, but it can also be contained in other session. Table 1 shows the percentage of information contained in the different sessions of the annual reports.

Table 1 Location of Environmental Information

Location in the annual report %

Notes to financial statements 29%

Review of Operation 25%

Management Discussion and Analysis 18%

Dedicated session 17%

Letter to shareholders 9%

Supplementary information 1.5%

Balance sheet 0.5%

Total 100%

4. Analysis by Country In order to carry out the analysis by country the sample was divided into three groups Italy, Rest of Europe and North America (mainly United States and Canada). Figure 3 Compositio of the cluster by country

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Composition of the cluster by nation

ITALY36%

USA ANDCANADA32%

OTHERNATIONS6%

REST OFEUROPE26%

The first important result is that all the corporations (100%) located in Canada and in the US disclose some kind of environmentally related information in their annual reports. Italy and the Rest of Europe present high percentages, 80% and 90%respectively, but some European companies (even in polluting sectors as oil&gas and chemical) still do not disclose any environmental information in their annual reports. Figure 4 Disclosure of environmental data by country

Disclosure of environmental data by country

80%

94%

100%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Italy

Rest of Europe

Canada and USA

The lack of Italian disclosing practices is also demonstrated by the slight percentage of annual reports containing a dedicated session (36%) if compared with 95% of annual reports in Canada and the US and 83% in the Rest of Europe. Another difference is that in the North American annual reports the dedicated spaces are mostly entitled to “Environment” (62%), while in Italy and Europe the dedicated sessions are mostly entitled to “HSE” (56% and 53% respectively). Another significant difference is the composition of the disclosed environmental information. In Italian annual report 36% is narrative information and 63% financial information. In the Rest of Europe the percentages are 23% and 77% respectively, and in North America 10% and 90%.

Figure 5 Disclosure of Environmental Liabilities

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Disclosure of environmental liabilities

4%

17%

5%

20%

61%

91%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Italy Europe Canada and USAQualitative data Quantitative data

These differences are even more interesting if considered by single item. For example only 20% of Italian annual reports provide information on environmental liabilities against 91% of North American ones.

5. Conclusions and Opportunities for Further Research As we analysed the existence, format and location of environmental disclosure in our sample firms, we concluded that, like many exploratory studies, this answers few questions and raises other questions. First, we observed that environmental disclosure is a common practice in polluting industries’ annual reports; second, and perhaps most noteworthy, it is still difficult to compare financial information among companies; third the level of disclosure differs among countries.

In future research the policy instruments implemented in the considered countries should be related to the different level of environmental disclosure in order to identify the best policy instrument to press companies to be more transparent.

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Annex 1 – Annual Report/ Bilanci d’esercizio 1996 COMPANY cluster

Akzo Nobel Chemical Bayer Chemical CIBA Group Chemical Corange Chemical Du Pont Chemical Monsanto Chemical ICI Chemical Rohm & Haas Company Chemical Solvay Chemical Wacker-Chemie GmbH Chemical Xenova Group plc Chemical Eskom Electric Amoco Corporation Oil & Gas British Gas plc Oil & Gas British Petroleum Oil & Gas Chevron Corporation Oil & Gas Mobil Corporation Oil & Gas Neste Oil & Gas Nippon Oil Company Limited

Oil & Gas

Total Oil & Gas Powergen Oil & Gas Royal Dutch Petroleum C. Oil & Gas Statoil Oil & Gas Texaco Inc. Oil & Gas Exxon Oil-Gas-Chemical Noranda Inc. Oil-Gas- Minerals Noranda Minerals Inc. Minerals- Metals Caffaro SpA Chemical Enichem Chemical Gruppo CIBA Italia Chemical Enel Electric SNAM SpA Gas Network Enirisorse Metal Agip Petroli Oil & Gas ENI Oil & Gas Italiana Petroli Oil&Gas ERG Petroli Oil&Gas Saipem Oil&Gas. Montedison Chemical FIAT Automotive Pirelli Rubber