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South Korea and Abu Dhabi sign contract to develop oil fields |
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South Korea completed a deal with Abu Dhabi which allows them to develop oil fields in the United Arab Emirates. This includes stakes for one billion barrels and they should secure the energy reserves while the oil price is increasing. South Korea is reliant on oil imports which they tried to decrease in the last few years. The actual deal will be finalised next year and should raise the amount of South Korean owned oil imports to 15% of consumption. Part of the deal is also to allow the storage of six million litres of Abu Dhabi crude oil in Korean storage facilities for free. |
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CSR Policy
"The oil industry is rarely perceived as "Green" however we at BWOC take very seriously our responsibilities to manage the impact we have on the environment. We are continually looking at ways to lower our own carbon footprint by reducing energy consumption, recycling waste & using recycled products.
We are encouraging our customers to follow our example & offering them the opportunity to capture some or all of their carbon emissions.
I believe by working together with our customers, we can make the difference"
Mark Wayne
Managing Director – October 2010
As part of the BWOC CSR Policy, our core business principles are based on:
- Continuous improvement of our internal Green Policy
- Enhanced pro-environmental action through Voluntary Carbon Capture
- Working to reduce our customers' CO2
- Supporting our communities
- Responsible sourcing & accountability
- Building a great place to work
Please click here to download our 2011 CSR Policy.
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Wednesday, 03 November 2010 00:00 |
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After avoiding and reducing our emissions as far as possible we wanted to go a step further and positively compensate the environment for the unavoidable CO2 that any business operation generates. After much research we opted for woodland carbon capture – at home in the UK where the schemes would be sustainable and monitored, and the benefits reaped locally.
Our woodland creation partners are Forest Carbon Ltd, responsible for the planting of 2 million trees in the past 4 years for clients such as Marks & Spencer, Stagecoach, Mears Group, and The Green Insurance Company.
Working with Defra, Forestry Commission and other experts they have participated in the design and testing of the UK's first 'best practice' for carbon woodland schemes, the Woodland Carbon Code, which comes into effect early 2011.
Forest Carbon schemes follow all Kyoto carbon forestry principles and UK forestry and biodiversity best practice and their carbon calculation methodology is academically double peer-reviewed and extremely conservative (so in reality there's always much more carbon captured than was anticipated). |
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