Island Oil Holdings, a diversified group of companies with a focus in the supply and trading of marine fuels, has announced the release of its first Environmental, Social, and Governance (ESG) report, covering the fiscal years 2022 and 2023.

The comprehensive report has been prepared with reference to the Global Reporting Initiative (GRI) Standards 2021 and the Sustainability Accounting Standards Board (SASB) Oil and Gas – Midstream standards. The document also highlights the Group’s contributions to the United Nations Sustainable Development Goals (UN SDGs). The data and information presented in the Report are consolidated and cover the activities of all Subsidiary Companies of the Group: 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, in line with the annual audited consolidated financial statements.

“We are eager to share our progress and commitment to sustainable practices with our stakeholders,” said Mr. 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.”

The report outlines the Group’s efforts to reduce its environmental footprint, including initiatives to lower greenhouse gas emissions, enhance energy efficiency, and manage waste responsibly.  In addition, the Report highlights Island Oil’s contributions to community development, employee well-being, and diversity and inclusion. The report also emphasizes the Group’s strong governance practices, including enhancements to governance framework, rigorous compliance measures, and the adherence of ethical business practices.

“Looking ahead, we are committed to continuous improvement in our ESG performance. We will continue to innovate and implement sustainable practices that drive positive environmental and social outcomes, while maintaining strong governance structures”, said Mr. Papavassiliou.