Island Oil Holdings issues inaugural ESG report

Island Oil Holdings, a diverse conglomerate specialising in the supply and trading of marine fuels, has released its inaugural environmental, social, and governance (ESG) report, encompassing the fiscal years 2022 and 2023.

According to the announcement, the company’s comprehensive report was prepared according to the Global Reporting Initiative (GRI) Standards 2021, as well as the Sustainability Accounting Standards Board’s (SASB) oil and gas-midstream standards.

Moreover, the document outlined the group’s contributions to the United Nations Sustainable Development Goals (UN SDGs).

The report consolidates data and information from all subsidiary companies within the group.

This includes Island Petroleum Limited, Island Oil Limited, NavTech Supplies Ltd, Petronav Ship Management Limited, Petronav Maritime Limited, Danaos Systems (Cyprus) Ltd, and E.J. Papadakis Ltd.

The announcement also noted that this consolidation is based on the annually audited financial statements.

“We are eager to share our progress and commitment to sustainable practices with our stakeholders,” said Chrysostomos Papavassiliou, CEO of Island Oil (Holdings) Ltd.

“This report underscores our dedication to integrating sustainability into our business strategy and operations, and our resolve to contribute positively to the global community,” he added.

The announcement also stated that the report details the group’s efforts to reduce its environmental impact, including initiatives to lower greenhouse gas emissions, improve energy efficiency, and manage waste responsibly.

Additionally, the report highlighted Island Oil’s contributions to community development, employee well-being, and diversity and inclusion.

It also highlighted the group’s strong governance practices, including improvements to its governance framework, strict compliance measures, and commitment to ethical business practices.

“Looking ahead, we are committed to continuous improvement in our ESG performance,” Papavassiliou said.

“We will continue to innovate and implement sustainable practices that drive positive environmental and social outcomes while maintaining strong governance structures,” he concluded.