This statement is made pursuant to Section 54 of the Modern Slavery Act 2015 and sets out our continued approach to ensuring that slavery and human trafficking is not taking place in our supply chains or in any other part of our business.
This statement relates to our financial year 2018-2019 with our financial year ending 28 February 2019.
About the Prax Group
Headquartered in London, England, with trading offices and group companies in Switzerland, Singapore, the USA, Albania, Belgium, Nigeria and Kazakhstan, the Prax Group – headed by State Oil Limited – is a leading independent trading, storage, distribution and retail group dealing in crude oil, petroleum products and bio-fuels.
All Prax Group companies must comply with local legislation and regulations. We are committed to operating with integrity and respect for human rights is embedded within our Ethical Trading Policy. We recognise that our reputation for high ethical standards and social performance is a key factor in our overall success within the oil and gas industry.
This statement covers the following Prax Group companies: State Oil Limited, Prax Petroleum Limited, Harvest Energy Limited, H.K.S. Retail Limited, Brobot Petroleum Limited, Prax Bunker Belgium BVBA and Prax Pte Ltd.
Our supply chain
We maintain supply relationships with suppliers and customers who are recognised within our industry as being economically, environmentally and socially responsible. We expect our suppliers and customers to obey national and international standards that require them to treat workers and employees fairly, to provide a safe working environment and to protect the quality of the working environment. Wherever possible we include in our contracts with those suppliers and customers obligations ensuring that both they and the Prax Group are held to those standards, and we are moving towards requiring compulsory acceptance of these obligations for us to do business with those counterparties.
We have a zero-tolerance policy to human trafficking and slavery. Any allegations of practices running contrary to our values and ethics will be investigated and, where appropriate, will result in suppliers or customers being required to take corrective action or, in serious cases, contracts with offending suppliers or customers will be terminated.
As part of our initiative to identify and mitigate risk, we have begun to assess potential risk areas in our supply chain. As our global operations expand, we continue to focus on this, particularly in regions and industries considered high-risk for human trafficking and slavery. When on-boarding counterparties and concluding contracts, we are aware of indicators of these risks and ensure that appropriate contractual and operational protections are put in place.
While employees and third-party stakeholders are generally aware of the legal requirements and our business policies relating to slavery and human trafficking, we intend in the coming financial year to formalise further our approach to this awareness and will increase the time and resources we dedicate to structured training of employees and engagement with third party stakeholders.