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SUSTAINABILITY REVIEW 2018

STANDING UP FOR...

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STANDING UP FOR WHAT’S IMPORTANT

What sustainability means to us 03

STANDING UP FOR DOING THINGS DIFFERENTLY

2018 highlights 06Business model 08Where we operate 10

STANDING UP FOR POSITIVE IMPACT

Global trends and our response 14

STANDING UP FOR A SAFETY CULTURE 16

STANDING UP FOR EMERGENCY RESPONSE 20

STANDING UP FOR CONTINUAL IMPROVEMENT

Health, safety and environment 26Economic development 28People 30Communities 32Puma Energy Foundation 34Governance and risk 36

STANDING UP TOGETHER AS A TEAM 40

16 STANDING UP FOR A SAFETY CULTURE Committed to raising awareness at our sites and on the road.

32STANDING UP FOR COMMUNITIESTailoring our approach to each neighbourhood.

CONTENTS

Puma Energy is an integrated global energy company like no other.

20STANDING UP FOR EMERGENCY RESPONSEEmergency response is one of our five corporate social investment priorities.

...the issues that matter most and ensuring we make a positive impact; that’s our commitment. The Puma Energy Spirit provides energy solutions for communities in high potential countries around the world. We pride ourselves on developing diverse and local teams with an agile approach to safely and sustainably serving customer needs. Our purpose is to energise communities to help drive growth and prosperity.

01

STANDING UP FOR

WHAT’SIMPORTANTWith our purpose to energise communities to help drive growth and prosperity, we're standing up for what's important. Our solid track record in quality, safety and environmental standards; and investments in efficient, reliable infrastructure, is unlocking our potential to transform even the most remote corners of the planet into hubs of economic activity.

This report shows our business model in action. It describes our strategic approach to sustainability; gives an insight into areas of focus during 2018; and demonstrates how we have continually improved our impact over time – backed up by data and on-the-ground impact stories.

WHAT SUSTAINABILITY MEANS TO US

WHAT IS SUSTAINABILITY?At Puma Energy, sustainability is about working together with communities to understand and tackle global challenges. It’s about delivering an uninterrupted supply of quality fuel and essentials; and storing fuel safely for future need, all the while standing up for what matters most to people and their environments.

WHY DOES IT MATTER TO US?Our success lies in how we combine a unique understanding of local needs, with exceptional global standards and strong governance. Our approach to sustainability has always been commercially-driven – any investment must result in a triple-win: for business, for society and for the environment. This is becoming a key differentiator: The Puma Energy Way.

Sustainability is about working with communities and local partner organisations towards our purpose, to energise communities to help drive growth and prosperity.

Sustainability is about operating responsibly, safely and ethically. This is vital to our licence to operate and builds trust among stakeholders.

OUR AREAS OF FOCUS Knowing what our stakeholders care about, and truly understanding what matters most to them drives our approach to sustainability. Continuous dialogue enables us to prioritise key issues and take a stand on them.

OUR MOST IMPORTANT ISSUESA safety culture Page 1 6

Emergency response

Page 20

Site and retail safety and securityEthical approachCustomer satisfactionSpills and contaminationTalent, learning and developmentInfrastructure investmentRaising standards

OUR 5 AREAS OF FOCUS1. Health, safety

and environmentPage 26

2. Economic development

Page 28

3. People 0

4.Communities Page 32

5. Governance and risk Page 36

Graham Sharp, Chairman

Andrew McClarron, Global Head of Compliance

Charlotte Dauphin, Corporate Social Responsibility Project Manager

Sustainability is about acting on our duty to help make a difference especially in the areas where we have a presence and impact.

02 03

STANDING UP FOR

DOING THINGS DIFFERENTLY

2018 HIGHLIGHTSIn 2018, we made measurable progress against our sustainability priorities.

READ MORE PAGE_06

BUSINESS MODELOur formula for doing business stands up to the test.

READ MORE PAGE_08

WHERE WE OPERATEWe seamlessly run a secure supply network across 48 countries.

READ MORE PAGE_10

04 05

Sustainability is core to Puma Energy’s purpose. Only by safely and sustainably serving customer needs can we fulfil our purpose to energise communities and help drive growth and prosperity in high potential countries around the world.

OUR REACH

NON-FINANCIAL KPIs

84AIRPORTS SERVED

OneDIRECT WORK-RELATED EMPLOYEE FATALITIES AT PUMA ENERGY FACILITIES

48COUNTRIES

106TERMINALS

20,500B2B CUSTOMERS

3,082RETAIL SITES

OUR IMPACT2018 2017

Risk and ethical conduct Risks monitored 29 27Internal audits conducted 23 37Economic developmentEmployees local to the country 90% 91%Health, safety and environment Total recordable injury rate* 3.74 4.50Significant spills 6 7Total energy consumption 127 million kWh 122 million kWhTotal carbon footprint (metric tonnes) 140,350mt 136,989mt Scope 1 greenhouse gas emissions (metric tonnes) 65,161mt 61,901mtScope 2 greenhouse gas emissions (metric tonnes) 75,189mt 75,088mt Greenhouse gas emissions intensity** 3.5kg/m3 3.5kg/m3 Our peopleNationalities 89 87Hours of training 108,561 73,000 Female employees 26% 25%Our communitiesTotal numbers of projects 91 125Total philanthropic investments US$1.8m US$2.3mPuma Energy Foundation’s total contributions US$1.2m US$1.0m Puma Energy Foundation community partners 13 16Puma Energy Foundation community programmes 14 16Puma Energy disaster relief 1 2Average length of Puma Energy Foundation projects (years) 2 2

2018 HIGHLIGHTS

Emma FitzGerald, CEO, Puma Energy

8,278

8,333

7,652

2018

2017

2016

■ EUROPE ■ AFRICA■ AMERICAS ■ ASIA-PACIFIC

FIGURE 2WORKFORCE BY CONTINENT

1.6

1.9

0.9

2018

2017

2016

FIGURE 1*LOST-TIME INJURY FREQUENCY RATE

106

104

100

2018

2017

2016

FIGURE 3NUMBER OF STORAGE TERMINALS

* Based on industry standards reporting principles (1,000,000 multiplier). The numbers presented in the 2017 Sustainability review were calculated based on a 200,000 multiplier.

** Kg of scope 1 and 2 greenhouse gas emissions estimated to supply, store and distribute per 1m3 of product.

8,278EMPLOYEES

0706


LPG

WE STOREWE SUPPLY WE DISTRIBUTE

WE SERVE OUR CUSTOMERS

WITH HIGH-QUALITY PRODUCTS AND

SERVICES

LUBRICANTSB2B

WHOLESALE

BUNKERING

RETAIL BITUMENLPG

AVIATION

FUEL

BITUMEN

AVIATION FUEL

MARINE GAS OIL

FORECOURTSERVICES

LUBRICANTS

NON-FUELPRODUCTS

TRUCKSTOPS

ONLINE ORDERING

Fast, flexible and backed by an unrivalled global supply network, Puma Energy creates value for its customers, communities, shareholders and employees 24 hours a day.

Puma Energy’s experienced team optimises supply across products, geographies and sources to meet customer demand.

The 106 storage terminals in our unrivalled global network give us a total storage capacity of 7.7 million m3.

Our storage capacity is integrated with our distribution operations, allowing us to supply our customers reliably and efficiently at competitive prices.

Our quality testing at every stage follows strict Quality Assurance (QA) and Quality Control (QC) policies and procedures.

We provide high-quality products and services to millions of retail consumers and thousands of B2B customers in 48 countries.

SUSTAINABLE VALUE CREATION

CustomersOur customers rely on us to deliver high-quality fuels and a wide choice of other products, swiftly, reliably and at a fair price. We add value through the customer service we provide, and by ensuring we are always there for them and are easy to do business with.

ShareholdersFinancial stability and sustainable business practices are critical factors to our success. Puma Energy creates long-term value for our shareholders by managing our business growth carefully and maximising the returns on their investment.

EmployeesOur people are well rewarded, and enjoy the opportunity to develop their skills and entrepreneurship to achieve their full potential. They each make their own individual contribution to the spirit of our diverse, collaborative and customer-focused organisation.

CommunitiesAs a business operating in many markets, we contribute significantly to our communities, through local taxes and employment. We also add value as a long-term responsible partner, and by engaging in many social, environmental and educational programmes, as well as targeted campaigns, such as our Be Road Safe campaign, which is now in its sixth year.

OUR UNIQUE STRENGTHS AND STRATEGIC GLOBAL NETWORK

Strategic global networkPuma Energy is an integrated energy company that focuses on fast-growing markets, where the projected consumer demand for oil is high. We use our global network to ensure that we maximise our opportunities in these markets and provide our customers with around-the- clock service.

EfficiencyWe continue to implement better systems across the business, such as our new eAviation and ePuma digital platforms. This is helping us build on our existing infrastructure, technologies and processes to improve efficiency and customer service.

Talented peopleWe support and train our people well, value them and trust them to excel. It is their entrepreneurial spirit and the diversity, nationalities, cultures and experience we have across our teams that are critical to the ongoing success of the business.

Unique asset basePuma Energy’s global integrated asset base ensures the seamless supply of a wide range of products to our customers around the world. We aim to provide energy solutions to our customers through our integrated Midstream and Downstream operations.

BUSINESS MODEL

08 09


RUSSIA

EUROPE

ASIA

INDIANOCEAN

NORTHPACIFICOCEAN

SOUTHATLANTIC

OCEAN

NORTHATLANTIC

OCEAN

NORTH AMERICA

SOUTH AMERICA

AFRICA

MIDDLE EAST

AUSTRALIA

SOUTHPACIFICOCEAN

Switzerland

Singapore

Australia

South Africa

Puerto Rico & USVI

Estonia

Countries where currently present

Headquarters

Regional Offices

In constant operation 24 hours a day, every day of the year, Puma Energy's secure supply network spans five continents and works seamlessly across 48 countries. Our specialists in every part of the business stand up for the most stringent of quality standards and are always available to meet customer needs.

WHERE WE OPERATE

AFRICA AMERICAS ASIA-PACIFIC EUROPE

1 Between 2019 and 2023. Source: IMF 2018 World Economic Outlook.

2 Between 2018 and 2023. Source: UN 2017 Revision of World Population Prospects.

3 Up to 2025. Source: IEA 2018 World Energy Outlook.

AIRPORTS: 51STORAGE k m3: 1,559RETAIL SITES: 858EMPLOYEES: 3,544

AIRPORTS: 10STORAGE k m3: 1,572RETAIL SITES: 1,310EMPLOYEES: 1,215

AIRPORTS: 22STORAGE k m3: 1,722RETAIL SITES: 914EMPLOYEES: 2,778

AIRPORTS: 1STORAGE k m3: 2,787RETAIL SITES: –EMPLOYEES: 740

Expanding our operations41 new sites added to our network and 12 new airports serviced over 2018 contribute to expand our local footprint, setting Puma Energy as one of the key players in the region.

Infrastructure improvementsHaving inaugurated two new terminals, our focus is to keep investing to bring it up to more modern standards and increase flexibility; focusing on volume growth by providing a reliable supply of quality.

Local supply securityIntegration of Pakistan business, new terminals at Kwinana, Australia and at Chu Lai, Vietnam, are helping improve local infrastructure and provide supply security in three very different countries.

Energising the World CupWe own and operate Yuzhny terminal supplying Rostov-on-Don Platov International Airport, that refuelled 441 aircraft during the 2018 World Cup in Russia.

4.1% GDP1 13% POPULATION GROWTH2

20% GROWTH OIL DEMAND3

2.9% GDP1 5% POPULATION GROWTH2 2% GROWTH OIL DEMAND3

6.1% GDP1 4% POPULATION GROWTH2 17% GROWTH OIL DEMAND3

1.4% GDP1 UNCHANGED POPULATION GROWTH2 8% DECREASE OIL DEMAND3

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POSITIVEIMPACT

STANDING UP FOR

GLOBAL TRENDS AND OUR RESPONSEAt Puma Energy, we've always got an eye on change, transforming ourselves to meet the need for fuel anytime, anywhere.

READ MORE PAGES_14 & 15

STANDING UP FOR A SAFETY CULTUREWe work hard to raise awareness about safety at our sites and on the road. Be Puma Safe 2018 combines our annual Site Safety and Road Safety campaigns.

READ MORE PAGE_16

STANDING UP FOR EMERGENCY RESPONSEWhen natural disasters strike, our emergency response system kicks in. One of our five corporate social investment priorities, we prove time and again that we stand for stability.

READ MORE PAGE_20

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ROAD SAFETY AND CLEANER FUEL As new economies emerge and cities expand, there are more of us on the roads. This is impacting both air quality and the safety of our communities – issues that are increasingly under the spotlight of governments. We ask ourselves, how can we maintain the economic benefits, without harming our health? Cleaner fuel is a crucial part of the solution.

7thTRAFFIC INJURIES ARE PREDICTED TO BECOME THE 7TH LEADING CAUSE OF DEATH BY 2050(Source: WHO)

CLIMATE RISK Improving transparency on climate-related financial risks within the oil and gas sector will become increasingly critical in light of growing energy demands in low- and middle-income countries, combined with pressure to reduce carbon emissions in line with the Paris Agreement goals.

US$4.2-US$43 trnESTIMATED FINANCIAL RISK FROM CLIMATE CHANGE TO GLOBAL MANAGEABLE ASSETS BY THE END OF THE CENTURY(Source: World Economic Forum June 2018)

THE NEED FOR FUEL By 2030, there will be a billion more of us on Planet Earth. We will also live longer and consume more. Against this backdrop, global demand for energy continues to grow, and despite the growth in renewable and alternative fuels, projections show that oil will likely remain critical to the energy mix.

2017

2040

20250

20

10

30

40

50

60

70

80

90

WORLD OIL DEMAND BY SECTOR, 2017–2040

100

110

BUILDINGS AND POWER

OTHER

AVIATION AND NAVIGATION

INDUSTRY AND PETROCHEMICALS

ROAD TRANSPORT

mb/d

Source: IEA World Energy Outlook 2018, New Policies Scenario

See how we're maintaining oil supply, while also investing in alternative fuels (page 27).

EXPANDExpand into new markets by focusing on key growth metrics such as an increasing population, a growing middle class or rising consumer demand for technology and new cars.

270mDRIVERS THROUGH OUR RETAIL SITES

COLLABORATEPartner with global and local governmental and non-governmental organisations to drive sustainable economic development.

6thYEAR OF OUR GROUP-WIDE ROAD SAFETY CAMPAIGN

Thanks to the Puma Energy Foundation’s support, Amend was able to deliver our life-saving primary school-based road safety programme to high-risk urban children across sub-Saharan Africa.

Jeffrey Witte, Executive Director, Amend, our Road Safety Partner

Standing up for safer roads (page 18).

LEADLead the local market share by embracing local differences, while introducing world-class standards of quality, health, safety and environment.

16.8%DROP IN TOTAL RECORDABLE INJURY RATE

3.74TOTAL RECORDABLE INJURY RATE IN 2018*

DEVELOPDevelop and upgrade assets in markets requiring infrastructure to drive efficiency and offer greater choice for customers.

7.7m m3STORAGE CAPACITY

As demand for vehicles increases around the world, particularly in developing countries, we’ll continue to encourage governments to raise fuel quality standards. Puma Energy is ready and willing to supply cleaner fuel, more efficiently around the world.

Jonathan Pegler, Global Head of Supply and Trading, Puma Energy

Standing up for cleaner fuels (page 16 www.pumafuelqualitylife.com).

INVESTInvest in local infrastructure and integrate this with international markets. Connecting countries without refining capacities to world-class refining hubs and keeping them connected even in testing times.

+2NEW STORAGE TERMINALS IN 2018

1,700TRUCKS DELIVERING EVERY DAY

The much-needed investments in assets and people are making Myanmar a far more attractive and accessible business and tourist destination. This is providing the infrastructure to support the significant growth in domestic travel – all fuelling direct economic development.

Gary Fisher, General Manager, Puma Energy Myanmar

Standing up for continual improvement and economic development (pages 24 and 28).

GLOBAL TRENDSAt Puma Energy, we've always got an eye on what's happening in the world so that wherever, whenever – we're always ready to supply quality fuels safely and efficiently.

OUR RESPONSEWe are a business like no other. We boldly go where many others won't, finding our niche in the face of changing demographics and gaps in infrastructure investment.

By applying the best standards in quality, health, safety and environmental protection, we can both tap into new markets and meet the challenges and opportunities of existing markets. This is how we do it:


14 15

STANDING UP FOR POSITIVE IMPACT

STANDING UP FOR

A SAFETYCULTURETHE CHALLENGEThe oil and gas sector is exposed to a wide range of hazards. Recognising and controlling these hazards is critical to preventing injuries and deaths. With our tankers transporting fuel across 48 countries, a key risk for us is road safety, both for our people and in our communities.

OUR PROMISEPuma Energy is committed to raising awareness about safety at our sites and on the road. Our aim is to influence and change behaviour within the organisation and beyond it. For several years we have launched Site Safety campaigns, while 2018 marked our sixth Road Safety campaign.

www.instagram.com/PumaEnergyGlobal

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WHY WE ARE COMMITTED TO SAFETYA culture of safety on-site is fundamental to how we manage risk, maintain our licence to operate and win new work. Every employee is bound by our safety policies and we expect our business partners, suppliers and contractors to implement them along the value chain.

1.6LOST TIME INCIDENT RATE

WHAT WE’RE DOINGBe Puma Safe 2018 combines our annual Site Safety and Road Safety campaigns. The key message during the year was that every one of us needs to be thinking about safety issues and acting upon them every day. Similarly, our five Golden Rules for road safety are helping us spread the message that road safety matters and, ultimately, to save lives.

It is a privilege to have been the Puma Energy South Africa, Road Safety Ambassador for the past two years. It is our combined passion to make our roads safe for children everywhere. We have successfully educated over 30 schools in the Gauteng region and reached over two million Facebook fans with our #BeRoadSafe videos and social posts. We will not stop until we have successfully raised the next generation of road safety heroes.

Phillip Kekana, Road Safety Ambassador of Puma Energy South Africa

CASE STUDIESA SPOTLIGHT: ON AFRICA’S ROADSThe World Health Organization Global status report on road safety 2018 states that road traffic injuries are now the leading killer of people globally aged 5-29 years. Countries in Africa have the highest rates of road traffic deaths (26.6 per 100,000 people).Source: WHO

ROAD SAFETY ROUNDTABLESMOZAMBIQUE

Our 2018 road safety campaign in Mozambique included a roundtable meeting at the Ministry of Transport. A total of 47 key influencers and decision makers attended, including people from government, the private sector, development partners, local community members and the media.

WORKING WITH AMEND TANZANIA

We have been working with road safety NGO Amend for six years in Tanzania, reaching more than 68,000 children in five regions of Tanzania. In 2018, activities included a road safety drawing competition for primary schools and training 9,152 students, including those with disabilities.

GHANA – BE PUMA SAFE LAUNCHFrom Accra, to Tema, to Takoradi, the 2018 Be Puma Safe Campaign in Ghana brought together colleagues and their families. For instance, on Puma Energy Kids Stay Safe Day, employees could bring their children to work and learn more about safety and take part in fun activities geared towards a safety culture.

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STANDING UP FOR SAFER ROADS

STANDING UP FOR EMERGENCY RESPONSETHE CHALLENGEWhen Guatemala's Volcán de Fuego (Volcano of Fire) erupted in June 2018, it was on a scale not seen for 45 years. More than 3,000 people had to be evacuated from their homes, with the ash fallout affecting around 1.7 million people in the wider area.

OUR PROMISEEmergency response is one of our five corporate social investment priorities. It is a key consideration in how we prioritise the long-term investments we make in local communities around the world and it is backed up by world-class health, safety, environmental and risk training for our people.

2120

WHY WE ARE COMMITTED TO EMERGENCY RESPONSEMaintaining ties of trust with our community and government partners means being there during the good times and the bad. So, when disaster strikes, as well as rapidly restoring fuel supplies, we proactively support relief and humanitarian efforts.

MORE THAN

100FATALITIES BY THE ERUPTION OF VOLCÁN DE FUEGO IN 2018

Thanks to the donation from Puma Energy Guatemala, we will be able to purchase safety equipment such as special masks for use in fires and natural disasters.

Edgar Ramirez, Third Commander of the Volunteer Fire Brigade, Guatemala

WHAT WE’RE DOINGImmediately following the Volcán de Fuego eruption, we donated US$50,000 to fund a rescue unit and ambulance. We also supplied US$7,000 worth of free fuel to the National Coordination for Disaster Reduction, as well as other institutes such as the Red Cross, United Firefighters Without Borders and the army.

US$80,000GIVEN TO FUND A RESCUE UNIT AND AMBULANCE

US$20,000WORTH OF FUEL DONATED TO RELIEF EFFORTS

EMERGENCY RESPONSE IS A STRATEGIC SOCIAL INVESTMENT PRIORITY

Since the tragedy of the Fuego volcano eruption, we’ve been ready to help the Guatemalan people. But we cannot do it alone. Support from companies such as Gasolineras Puma Energy is vital and we are very appreciative of it.

Edgar Ramirez, Third Commander of the Volunteer Fire Brigade, Guatemala

CASE STUDYDISASTER TO RECOVERY: LIFE AFTER HURRICANE MARIATwo years after Hurricane Maria wreaked devastation on Latin America, we remain active on the ground supporting communities. Whether it's giving time and funds to rebuild infrastructure in the Virgin Islands, or getting Puerto Rico's ports and airports fully up to speed – Puma Energy is visibly committed to recovery.

RESTORING INFRASTRUCTURE IN THE VIRGIN ISLANDS We sent two of our best electromechanical technicians Crispin Benitez and Luis Ruiz Diaz to the islands of St Thomas and St John to repair fuel dispensing machines and restore faulty equipment at service stations, airports and marinas.

OUR RAPID RESPONSE LEGACYBack in 2017, we were the only fuel supply company to get Puerto Rico’s airport functioning in the hurricane’s aftermath. The impacts of our rapid response can still be felt as emergency services, the world’s media, construction companies and government agencies carry out vital work from this airport hub.

THE PUMA ENERGY SPIRITPuma Energy people have shown solidarity with their communities. Many have worked long days, giving their time for free to help local businesses get back up and running and to ensure families can access healthcare, education and employment two years after the hurricane.

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STANDING UP FOR SUPPLY SECURITY

STANDING UP FOR

CONTINUALIMPROVEMENT

HEALTH, SAFETY AND ENVIRONMENTWorld-class standards are an essential part of our business, without them we cannot operate and we cannot grow.

READ MORE PAGE_26

ECONOMIC DEVELOPMENTWe are the gateway to some of the world's fastest-growing markets, unlocking potential wherever we go.

READ MORE PAGE_28

PEOPLEWe not only get the best talent, we get the best local talent. This is what makes us agile, efficient and connected.

READ MORE PAGE_30

COMMUNITIESOperating in very different communities, we depend on deep local understanding and close partnerships.

READ MORE PAGE_32

PUMA ENERGY FOUNDATIONOur strategy addresses two issues that underpin Puma Energy's core business: trading and logistics.

READ MORE PAGE_34

GOVERNANCE AND RISKOperating in line with international best practice, even where that exceeds local expectations.

READ MORE PAGE_36

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HEALTH, SAFETY AND ENVIRONMENTApplying world-class health, safety and environment (HSE) standards and state-of-the-art technology has long been a business differentiator.

SafetyDuring the year, our safety performance improved, with a reduction in total recordable injuries and lost time injury frequency (LTIFR). Sadly, an employee in Angola was tragically killed in a road accident when travelling in a taxi on Puma Energy business. Our thoughts and prayers are with his family. We assure them that this only strengthens our resolve to tackling road safety as a strategic issue.

In honour of our colleague and so many others who have pointlessly lost their lives on roads, we roll out more innovative ways to raise awareness about risks on roads, as well as at our sites. Building a culture of safety takes time but we are seeing positive results from our ongoing campaigns. In 2018, we combined road and site campaigns into one consistent message: notice and act on safety risks as part of your role (see our feature on page 18).

HealthAs employers, it is our responsibility to maximise the prospects of our people by providing safe, healthy places to work. Healthy, balanced lifestyles support long, rewarding careers, which in turn helps us to retain excellent people.

EnvironmentDuring the year, we saw a slight increase in our energy consumption and hence also our greenhouse gas emissions (see page 07). We believe this is due to the slightly higher volumes of fuel handled in 2018 and also expanded operations in Pakistan and Nigeria. We have also used more fuel in boilers in locations where temperatures were lower than normal. Carbon intensity remained constant however.

Products like Pumamax Diesel, Pumamax Premium Unleaded and ION Premium Diesels offer superior economy, while emitting fewer hydrocarbons and carbon monoxide. We also continue to expand our alternative fuel offer, including biofuel, biodiesel blends and Liquefied Petroleum Gas and we invest heavily in cleaner fuel storage terminals and infrastructure.

In 2018, we took an important step to stand up for a clearer policy landscape around cleaner fuels. Together with our sector peers, at the World Economic Forum, we agreed on an approach to climate related financial risks in oil and gas (see page 39).

There was a reduction in significant spills (with six reported) – we need to continue our efforts to drive this down to zero.

140,350mtTOTAL CARBON FOOTPRINT (METRIC TONNES)

56%SITES ACHIEVING ISO 14001 STANDARD

6SIGNIFICANT SPILLS

In 2018, we continued consolidating our approach to sustainability to further improve our Health, Safety and Environmental footprint. We firmly embedded our commitment to responsible business through our Code of Conduct and deepening our work with communities. We will be looking for new activities and opportunities to improve our performance and activities in this domain.

Antonio Mawad, Global Head of Midstream Operations and Health, Safety and Environment

CASE STUDYEDUCATION FOR ENVIRONMENTAL HEALTH, ANGOLAMore than 3,600 families in Luanda's Fishing Port area live with poor sanitation, made worse by inadequate waste infrastructure. However, thanks to Pumangol Industrial and its governmental and community partners, the tide is turning. Step by step, we are working towards a healthier environment and more sustainable future.

CASE STUDYHYDROCARBON TECHNOLOGY FOR OPTIMISED HAULAGE, AUSTRALIANew research shows that our Pumamax Next Gen Diesel is an industry leader when it comes to efficiency. Using specialist technology, it converts energy from hydrocarbon molecules into mechanical power, reducing fuel consumption by an average of 7% when compared to other brands.

Lasting change through educationSince Pumangol teams started volunteering to clean up the area, other initiatives have sprung up. As well as cleaning 400 metres of drains and removing more than 800 tons of waste in three years, a community education programme is going from strength to strength.

A dedicated project coordinator is taking a ‘train the trainer’ approach with a team of 20 volunteers. They are now able to go into the communities and deliver clean-up campaigns, school events and one-to-one training. These cover not only the benefits of a cleaner environment for family health, but they also discuss the importance of road safety. This growing initiative is now reaching 7,000 children in one of the capital’s most important economic areas.

Savings that add upOver 12 months, we compared the fuel consumption of nine trucks at Lindsay Transport’s Coffs Harbour Depot in New South Wales, Australia. Rigorous testing showed that Pumamax Next Gen Diesel could save haulage operators US$0.02 per kilometre for a standard B-double (at US$1.00/litre).

With truck fleets travelling thousands of kilometres every day, this saving really adds up. What’s more, as well as saving costs and carbon, Next Gen boosts engine performance, while reducing maintenance costs. This triple-win is great news for our valued commercial customers in Australia.

1.6

1.9

0.9

2018

2017

2016

1.6 LOST-TIME INJURY FREQUENCY RATE*

3.74

4.50

2.40

2018

2017

2016

3.74 TOTAL RECORDABLE INJURIES RATE*

1

0

0

2018

2017

2016

1 WORK-RELATED FATALITY


HOW WE PROTECT OUR PEOPLE AND PLANETEvery employee is bound by our HSE policies and we expect our business partners, suppliers and contractors to implement them along the value chain. We conduct regular safety training for all our employees, as well as maintaining the highest standards of safety and security when transporting our fuels. We also continually drive compliance with global standards in environmental protection.

WHY IT MATTERS TO USOur HSE standards are not only fundamental to how we manage risk and maintain our licence to operate; they help us win new work. We have a strategic priority to keep our staff, customers and communities safe and healthy – both on land and offshore. As an energy business often operating in environmentally sensitive areas, we understand the value of limited natural resources, so we are always looking for ways to do more with less through technological innovation.

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ECONOMIC DEVELOPMENTWe are the gateway to some of the world's fastest-growing markets, unlocking potential wherever we go.

HOW WE ENABLE ECONOMIC DEVELOPMENTWe catalyse socio-economic development by introducing a reliable supply of quality fuel, investing in infrastructure such as terminals, ports and roads and partnering with local retail entrepreneurs. Throughout this process, we make long-term investments that protect the safety of people and the environment.

WHY IT MATTERS TO USBuilding and maintaining strategic terminals and storage infrastructure is one of our five business priorities. We have built our reputation on high standards of customer service, delivering high-quality fuels swiftly, reliably and at a fair price. Our fuel supply, storage and distribution help to grow businesses and provide direct jobs for local people.

CASE STUDYTAKING OFF: A 10-YEAR MILESTONE IN MOZAMBIQUEIn close partnership with local company Petromoc, we made a welcome entry into the Mozambique aviation fuel market in 2018. Our tried and tested model of supply security, combined with outstanding service, will be vital to the country's import storage, as well as its wider trade, tourism and commerce – domestically and internationally.A boost for budget airlinesOur entry into aviation marks another step in our 10-year presence in Mozambique. Thanks to our trusted reputation, we are now supplying aviation fuel to seven airports in the country: Maputo, Beira, Nampula, Nacala, Tete, In-hambane and Pemba. Low-cost airlines such as Fastjet, which launched its first domestic service in the country in 2018, count on a reliable, efficient supply of high-quality fuel, as well as aircraft servicing.

Regional growth from a single terminalFrom a single fuel terminal at Petrobeira in 2009, we have steadily invested in midstream infrastructure. For instance, our 115,000m3 fuel terminal in Matola is now a strategic storage hub, supplying Mozambique’s neighbouring countries with high quality fuel and, in turn, opening the south of the African continent up further to trade and development.

Strategic storage Our global network of storage terminals not only brings new opportunities to traders, wholesalers and major oil companies around the world; they also help us grow our own business by enabling us to serve road construction companies and airports, while also being crucial to the expansion of our retail business. Our operations are underpinned by our total global storage capacity, which has now reached approximately 7.6 million m3, following the disposal of our 20% stake in Langsat, Malaysia and the opening of two new terminals in Panama and Colombia.

Roads We now own and operate the largest private bitumen terminal in Europe (Cadiz, Spain) and the largest bitumen terminal in South East Asia (Langsat, Malaysia). However, we have continued to invest in our global capabilities in 2017, with the completion of our terminal at Kwinana in Australia and the opening of Chu Lai in Vietnam.

Airports Many of the world’s leading airlines and airports rely on us 24/7 to meet their needs. Puma Aviation now operates at 84 airports across Latin America, Africa and Asia, as well as at Platov airport in Rostov in Russia. Our sites are regularly audited, both by us and our customers. We demonstrate traceability from refinery to airside delivery, to ensure the properties of the fuel have not changed. In 2018, we rolled out eAviation technology at many airports, giving our customers complete confidence in the quantity of fuel delivered and instant billing.

Widening access to reliable, affordable fuel In 2018, we added 18 additional retail sites and served 13 more airports. These investments mean that more people in more locations can access high-quality, reliable, efficient fuel and the potential that this offers for enterprise, trade and public services is endless. We care for our customers and are committed to giving them an ever greater experience around the world – from high-quality, competitively priced fuel to an enticing range of convenience foods, from welcoming, secure sites to easy digital ways to pay.

Jobs and wider economic investment Puma Energy invests for the long term, creating jobs and improving infrastructure wherever we operate. Every investment we make, every job we create and every dollar we pay in taxes or give to community projects is another contribution to the countries we work in.

Moving boldly into new markets, we are leading the way in connecting 4.8 billion people to a wider world of business opportunities and economic enrichment. Business owners, large and small, can rely on the fuel and service we provide to help them prosper, grow and win new customers. We employ 8,278 people in 48 countries, supporting them with rigorous standards for fair, decent work, welfare and professional development.

We are committed to training and developing our airport fuel operations staff. We have an intensive annual training programme and also carry out rigorous JIG inspections for our sites. Refuelling our customers on time without incident is the daily mission of our teams around the world.

Peter John, Global Aviation Operations Manager.

270mDRIVERS THROUGH OUR RETAIL SITES

7.7m m3STORAGE CAPACITY

18ADDITIONAL RETAIL SITES IN 2018 (2017: 21)

20,500BUSINESSES SUPPLIED WITH QUALITY, RELIABLE PRODUCTS

With the recent material investment in our avgas production facility in Europe, we have demonstrated our long-term commitment to support our General Aviation customers around the world with reliably supplied, competitively priced and high-quality avgas. We are proud to support a wide range of customers such as flying schools, charter operators and private pilots.

Seamus Kilgallon, Global Head of Aviation.

CASE STUDYGOOD NEWS FOR THE WORLD’S AIRPORTS AND AIRLINESOur 2018 investment in an Estonian aviation gasoline (Avgas) facility was not only an investment in the growth of Puma Energy, but also in the day-to-day efficiency and expansion of the world's airports and airlines. With Estonia straddling Europe and Asia, this plant becomes a strategic hub for fuel production, storage and distribution.

Surpassing global standardsCompared to jet A1, Avgas is only manufactured at a handful of facilities globally. From our new automated plant, we can produce and store it to meet or exceed global standards of quality, safety and environmental impact: Def-Stan 91-090 issue 4, ASTM D 910, ISO 9001 and ISO 14001.

Aviation fuel anytime anywhereWith this investment, Puma Energy becomes the largest Avgas supplier in Africa and the second largest producer in Europe. And thanks to our established distribution networks, aviation fuel can be transported by sea, rail or road with complete traceability. By scaling up the availability of Avgas, we are helping our customers bring fuel – and economic development opportunities – to even the world’s most remote communities.

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PEOPLEWe not only get the best talent, we get the best local talent. This is what makes us agile, efficient and connected.

HOW WE INVEST IN PEOPLEWe have created a diverse, collaborative and customer-focused organisation that ensures our people are well rewarded and that they have the opportunity to grow and meet their full potential. Our 8,278 people represent the best local talent – their entrepreneurial spirit, diversity and culture have been vital to our success. We support and train our people well, trusting them to excel.

WHY IT MATTERS TO USUnleashing human potential is vital to our competitive edge, making us faster, more flexible, more knowledgeable and better connected. This has never been more important in the face of shortages in engineering and technology skills in many of our markets. Training and developing our managers to nurture talent is a strategic issue as it helps us retain our best talents, while also supporting our position in the market.

US$2.6mINVESTMENT IN TRAINING AND DEVELOPMENT

The combination of excellent materials, industry grounded best practices, well-prepared facilitators and highly participative sessions makes Commercial Academy stand out as a great programme. It empowered us with tools , knowledge and resources to carry out our roles and analysis of methods for business improvement and personal development.

Harry Akinola, PhD, Global Head, Learning and Development

TalentIn 2018, we continued to invest heavily in training and development for our people. We introduced a new Functional Training Matrix across Finance, Operations, Sales, HR, IT and Business Support. The learning team also created training bundles automatically assigned to all new employees across all Puma Energy locations, as part of the on-boarding package.

To help people progress through the organisation, we introduced a standardised approach to succession planning whereby high-potential employees are identified and supported with individual development plans and assigned a mentor.

Decent work and human rightsAnyone coming to work at Puma Energy can be confident that they are coming to a workplace free from discrimination, harassment and victimisation, where everyone is treated equally regardless of gender, colour, ethnicity, disability, age, marital status, sexual orientation or religion. All decisions relating to employment practices will be objective, free from bias and based solely upon work criteria and individual merit. We also place importance in an ethical working environment – our people are fully supported by our consistent and fair employment process, delivered across all markets in which we operate. We saw our representation of women increase in 2018.

During the year, Puma Energy Tanzania successfully reached a collective bargaining agreement with the trade union movement in Tanzania (Tuico), which represents our employees. The two-year contract exceeds the current statutory requirements and practices and includes added benefits such as a life insurance policy for all employees, a continuous commitment to additional skills development and training, as well as school fees assistance to employees with children from primary school up to university level. We’ve also improved retirement packages and overtime.

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CASE STUDYUNLEASHING PEOPLE POTENTIAL IN SOUTH AFRICA, AUSTRALIA AND GUATEMALAIn 2018, we launched the Puma Energy Commercial Academy to build on our how we sell to, communicate with and service customers across our diverse markets. Service excellence Starting with our customer-facing teams in South Africa, Australia and Guatemala, we worked with expert partners Kantar Consulting, to create a structured programme of pre-training, workshops and follow-up classes. From retail dilemmas and sales negotiations, to account management and performance coaching, Puma Energy Retail and B2B professionals were able to hone their capabilities in commercial strategy.

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COMMUNITIESThe communities we operate in vary significantly from place to place. Tailoring our approach to each neighbourhood one thing remains constant – our commitment to build close partnerships that energise communities.

HOW WE SUPPORT OUR NEIGHBOURSOver the years, we have proven that we invest for the long term. As well as investing in public infrastructure and our customers’ access to quality fuels, we identify ways in which we can leave a positive legacy for many years to come.

Our community strategy is defined by a threefold approach: effective engagement, meaningful investment and supporting good causes by giving time and resources. Our collaborative dialogue approach is particularly important where we run large-scale industrial sites.

WHY IT MATTERS TO USOur communities represent our future pipeline of talent. Therefore, any investment is a strategic one. Investing in employability and social mobility can break generational cycles of poverty, in turn building more resilient, stable neighbourhoods around our sites. This is why we focus our funding on education and training, as well as road safety. We also support environmental protection programmes, emergency response and causes that support our licence to trade.

Our investment was slightly lower during 2018 due to structural changes within the business and a reassessment of CSR priority areas so we can increase investment in the years ahead.

To help us prioritise the long-term investments we make in local communities around the world, in 2017 we began work to create a unified community investment vision, coordinated spend and to identify projects with the greatest reach and deepest impact.

Our global Corporate Social Responsibility Policy has successfully been put in place

1. ROAD SAFETY AWARENESS

Reflecting our road safety initiatives across the business (see pages 18 and 19), we are looking to support projects or partnerships in parallel to our annual road safety awareness campaign, including investing in safe road infrastructure around schools.

2. ENVIRONMENT AND CONSERVATION

From introducing recycling bins in and around all Puma Energy retail sites and emergency canal cleaning at Pumangol Fishing Port in Angola, to fuelling anti-poaching helicopter patrols in South Africa and vulture nest surveys in Namibia – our CSR strategy reflects our wider environmental efforts.

3. EDUCATIONWe will invest in training programmes such as apprenticeships, internships and vocational training, with a focus on providing refresher courses or the possibility of continuous learning and development relevant to Puma Energy's activities (Puma Energy attendants, mechanics etc).

4. LICENCE TO TRADE INITIATIVES

Local priorities may be driven by legal requirements. Supporting projects that support socio-economic development, as defined by country requirements or business specific needs, is vital to business continuity. For example, in South Africa, we are supporting Black Economic Empowerment initiatives.

5. EMERGENCY FIRST RESPONSE

As well as our vital strategic role in ensuring security of supply, even during disasters, we directly support relief efforts, for example providing fuel for emergency vehicles.

and actioned to help guide how we contribute to society and to the communities surrounding our operations. Our CSR financing goes beyond our regular business activities and focus areas, and is not limited to monetary investment – it can also take the form of other corporate resources and/or time. We are still focusing on our five focus pillars.

Projects that do not fit the global pillars can still be considered, for example local businesses may identify some different local priorities. Where a local business priority is not a good fit with the pillars these will be subject to a greater level of scrutiny. Our strategy includes robust reporting metrics to monitor success. For example, to track spend and impact accurately, we have introduced a CSR budget code.

OUR CORPORATE SOCIAL INVESTMENT POLICY

US$1.8mCSR INVESTMENT (2017: US$2.3m)

Free fuelFOR TWO NON-PROFITS WORKING TO PROTECT THE RHINO, SOUTH AFRICA

We have the ability and duty to help make a difference, especially in the areas where we have a presence and impact.

Charlotte Dauphin, Corporate Social Responsibility Project Manager

CASE STUDYSUPPORTING WORLD CLEANUP DAY IN MYANMAR On a single day in September 2018, Puma Energy colleagues were among 10,000 volunteers in Myanmar who collected more than 133,000 kilograms of trash.With a bold ambition to eliminate illegal waste from the planet entirely, World Cleanup Day connects and empowers people and organisations around the world to build sustainable communities that can monitor, assess and tackle waste and pollution more effectively.

Puma Energy Myanmar – Gold Partner Each year on World Cleanup Day, JCI Myanmar and JCI Yangon come together with partners in government, non-governmental organisations (NGOs), social enterprises and communities to clean up the local environment. In 2018, Puma Energy Myanmar became a Gold Partner, sponsoring cleanup kits. In total, 48 employees, including Gary Fisher, Puma Energy’s Country Manager, volunteered their time on a range of cleanup activities.

CASE STUDYFUELLING HEALTHCARE IN PAPUA NEW GUINEA Our long-standing partnership with Youth With A Mission (YWAM) Medical Ships is helping to deliver life-saving treatment for tuberculosis, as well as bringing eye surgery and dental care to remote villages.49,000 villagers treatedMore than 85% of Papua New Guinea’s population live in rural areas, often with very minimal access to basic health services. In the 12 months to August 2018 alone, YWAM’s training and medical ship, supported by land-based teams, treated more than 49,000 patients in 385 villages. In the four villages close to our refinery, 770 patients were seen in Primary Health Care, Dentistry, and Optometry in just four days. Other achievements during this period included:

– 32,000 immunisations– 840 patients screened for tuberculosis– 10,000 dental procedures– 14,900 pairs of glasses dispensed – 240 sight-restoring eye surgeries

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PUMA ENERGY FOUNDATIONThe Puma Energy Foundation, our charitable arm, supports projects that make a real and lasting difference to people's lives. Its mission is to improve the socio-economic conditions of vulnerable communities in countries where Puma Energy operates.

The Foundation supports projects in two fields of action that underpin Puma Energy’s core business – trading and logistics – and translate them into philanthropic action: Fair and Sustainable Employment; and Clean and Safe Logistics.

Fair and Sustainable Employment This priority area aims to create dignified employment opportunities for marginalised populations, such as people living with disabilities, disenfranchised youth, smallholder farmers and women in vulnerable situations. It also supports result-oriented social entrepreneurs to help them create sustainable ventures that create jobs for their communities.

Clean and Safe LogisticsWe strive to improve the livelihoods of populations impacted by logistics activities and mitigate environmental and social issues caused by transportation or infrastructure.

Beside these two focus areas, the Foundation’s other mission remains to pool the charitable and community-oriented initiatives of Trafigura and Puma Energy employees around the world and to encourage, support and develop these activities through its dollar-for-dollar matching policy and Charity of the Year initiative.

Find out more online here:pumaenergyfoundation.org/

US$1.2mDONATED IN 2018 (US$7.8M SINCE 2013)

23COUNTRIES OF OPERATIONS

14PROGRAMMES

US$65kMATCHED AGAINST STAFF-LED INITIATIVES**US$65K IS INCLUDED IN THE US$1.2M DONATED IN 2018

Top: Life Project for Youth (LP4Y) in Indonesia helps young adults escape extreme poverty and exclusion via an employability and job placement programme.

Right: Global Alliance of NGOs for Road Safety (photographer Oscar Enrique Mazuera).

Right: Transaid works in Nigeria to offer affordable, sustainable and life-saving health solutions for pregnant women living in remote areas by building emergency transport capacity.

Left: The Prince’s Trust Wales, UK.

CASE STUDYWORKING WITH THE PRINCE’S TRUST IN WALESWe are supporting the Prince's Trust in Wales to help youngsters from disadvantaged backgrounds achieve their full potential.

CASE STUDYIN ALLIANCE TO SAVE LIVES ON THE ROADOne of our 2018 Foundation partners was the Global Alliance of NGOs for Road Safety. Through campaigning, intervention programmes and advocating for road safety policies, the Alliance is making a vital contribution to saving lives on the roads.

The personal development training programme targets young people not in employment, education or training. Over 12 weeks, it offers employability sessions, community projects and work experience placements and at the end of the programme, progression support and mentoring is available for a further six months.

Opening doors in Milford HavenIn 2018, Puma Energy teams at the Milford Haven terminal held a ‘World of Work’ day, literally opening up their doors to Prince’s Trust beneficiaries. Young people could experience what it would be like to work in a terminal or for a company like Puma Energy. At the same time, our human resources specialists were on hand to offer one-to-one guidance and feedback on CVs and job applications. A combination of inspiring exposure to a workplace and bespoke career advice is an important element in the transition into employment, education or further training.

An empowerment modelWe are proud to support the Global Alliance’s Road Safety Programme in Colombia. The project seeks to empower communities to take ownership of road safety in their local areas through awareness campaigns, education and first-aid training. Thanks to the programme, implemented in rural areas where emergency response is poorly organised, people become agents for change, advocating with and for their communities.

As this proactive spirit gains momentum, we hope that we can create a community-led, community-based engagement model. In doing so, these communities would be able to push for the road safety policies and emergency response services they deserve.

Official SupporterOF THE UNITED NATIONS DECADE OF ACTION FOR ROAD SAFETY

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Andrew McClarron, Global Head of Compliance

GOVERNANCE AND RISKOperating as a responsible business means applying global best practice principles of ethical governance and robust risk management. Often, this means we exceed compliance in many of the jurisdictions in which we operate.

GOVERNANCETrust lies at the heart of our relationships with customers. It is essential that we operate with the highest levels of integrity and ethics and deliver on our promises. This means operating in a transparent manner and maintaining a culture with strong principles.

We always conduct full due diligence via our subsidiaries to assess environmental, social and governance (ESG) risk when we enter new markets. From day one, we start building relationships and creating ongoing, constructive dialogue by providing job opportunities and investing in local infrastructure.

HSEC GOVERNANCE STRUCTUREHealth, Safety and Environment (HSE) working groups (including the Ethics Group) typically consist of representatives from across divisions and subsidiaries.

WORKING GROUPS

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AFRICA

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AMERICASBOARD OF DIRECTORS

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The highest standards of integrity and ethics within our company and for our employees are not optional, they are essential to ensure we thrive and grow as a company. I am regularly inspired by the examples set by members of the Puma Energy team and how, through our activities, we can truly energise communities.

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Risk governance Our risk governance structure has been further updated this year to ensure we continue to provide clear business ownership and oversight for the Group, helping us make the right decisions at the right time. This has included the creation of Risk Champions at regional and country levels to provide support to leaders in embedding the risk management programme in their organisations. The Champions also act as a point of contact for risk questions and advice, and coordinate, facilitate and periodically review the risk management process.

Remaining vigilant We are continually refining our ethics and compliance training offer to incorporate our Code of Conduct and competition risk. With regard to sanctions, we continue to reinforce the importance of astute due diligence, particularly when we expand into new jurisdictions. We always have an eye on emerging risks such as cybersecurity. Our guiding principle is a constant: to conduct corporate governance without conflict of interest and free from any internal and external influence or pressure.

See our Annual Report for more information:pumaenergy.com/

ACCOUNTABILITYClarifying the conduct and accountability of management's roles and responsibilities and monitoring to ensure the alignment of management's and shareholders' interests.

EFFECTIVENESSHaving the appropriate balance of skills, experience, independence and knowledge of the Company and industry to discharge duties and responsibilities effectively.

TRANSPARENCYTransparent arrangements for considering how to apply corporate reporting, risk management and internal control principles and maintaining an appropriate relationship with the Company's auditors.

We support the United Nations Global Compact (UNGC) and our primary shareholder, Trafigura, is a signatory to the Principles.

Improving proceduresThe importance of ethics and compliance must be continually reinforced in order to remain relevant for each of us at Puma Energy. We track awareness of our Code of ethics and how it is being applied in practice and in 2018 we launched the ‘Living Code’ – a version for smart devices that will include animations and videos to bring the Code to life.

We will continue to develop our ethics and compliance training offer for staff with a particular focus on the Living Code and competition risk. Finally, we will remain vigilant to abide by all applicable sanctions as we expand into new jurisdictions and on growing concerns such as cybersecurity threats.

RISK MANAGEMENTOperating in many global markets, selling oil products and a wide range of other products and services, our approach to risk management and risk governance is vital to our ongoing success. And that approach continues to evolve to meet not only Puma Energy’s business goals and objectives, but also those of our customers, investors and other key stakeholders.

INDEPENDENCEConducting corporate governance in a professional way without conflict of interest and free from any internal and external influence or pressure.

FAIRNESSEnsuring the protection and equal treatment of shareholders' rights, including minority and foreign shareholders' rights.

RESPONSIBILITYDetermining the nature and extent of risks to take in achieving its strategic objectives while maintaining sound risk management and internal control systems.

OUR PRINCIPLES Our six principles of corporate governance continue to guide our actions so that we can deliver commercial success. They also help our stakeholders hold us to account, ensuring we take a responsible, long view in the wider interest of society.

As part of the ongoing development of our Risk Management Framework, we will implement a Global Risk Committee, including regional and country risk committees, in early 2018.

Stina Holmgren, Deputy Audit Manager

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STANDING UPTOGETHER

AS A TEAMCASE STUDYOUR PARTNERSHIP WITH THE WORLD ECONOMIC FORUM

As a Strategic Partner Associate of the World Economic Forum, we are working alongside our competitors and the wider industry to raise the importance of transparency and disclosure of climate risks and their financial cost.

Over US$700m INVESTED IN CLEANER FUEL STORAGE IN AFRICA

Strategic PartnerASSOCIATE OF THE WORLD ECONOMIC FORUM

Near-EliminationOF LEAD FROM PETROL IN AFRICA OVER THE LAST 10 YEARS

OUR PARTNER CHARITIES

As with other companies in our sector, we grapple daily with how to manage the risks posed by climate change and identify opportunities of a lower carbon global economic system. These opportunities include innovating to make fuel even higher in quality and efficiency – this is central to our customer offer around the world. Improving transparency on climate- related financial risks within the oil and gas sector will become increasingly critical in light of growing energy demands in low- and middle-income countries, combined with pressure to reduce carbon emissions in line with the Paris Agreement goals.

In July 2018, we joined the WEF workshop on climate related financial risks in oil and gas. Together with our sector peers, we agreed how to move the climate change dialogue forward to an implementation that is fit for purpose.

Designed and produced by MerchantCantoswww.merchantcantos.com

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