Modern Slavery Act 2015
Statement – 2024
This slavery and human trafficking statement is made pursuant to section 54(1) of the UK Modern Slavery Act 2015 (the “Act”). This is a joint statement made on behalf of the following reporting entities under the Act and the information provided below applies to all of them as they have the same policies in place:
- Petredec (Europe) Limited;
- Petredec Services Limited;
- Fortitude Shipping Limited; and
- Petredec Global Shipping Pte. Ltd. (UK Branch),
collectively referred to as “Petredec”.
Our commitment:
We recognise our potential to impact human rights through our activities and business relationships. Petredec is fully committed to conducting its business activities with integrity and improving our practices to combat modern slavery by taking steps to ensure that our business activities and supply chains are free from slavery and human trafficking. This statement sets out the steps we have taken in 2024 to understand potential modern slavery risks within our business structure and supply chains, as well as the steps taken to mitigate these risks.
Our organisation and supply chains:
Petredec is a global, integrated LPG company which trades, transports and distributes LPG to a variety of customers and can be summarised as follows:
Petredec’s operations can be analysed across three key dimensions. At its core, Petredec is a leading fully integrated LPG value chain company.
Petredec is one of the global leaders in LPG midstream. Our direct involvement in the LPG value chain ends prior to cylinder filling.
Petredec has commercial offices in Houston, London, South Africa and Singapore, together with onshore LPG terminals in South Africa, Mauritius and India. Our product supply chain principally covers the buying, transporting, storing and distributing of LPG with most of our suppliers being based and operating in the USA and the Middle East. These jurisdictions are classified as lower risk jurisdictions according to the Global Slavery Index. Notwithstanding this, Petredec is committed to working with all its suppliers to combat modern slavery and human trafficking and is currently undertaking a review of its compliance framework including its supply chains for products and goods and services.
Policies:
We have a zero-tolerance approach to modern slavery and human trafficking in our business dealings and relationships. We have in place policies and procedures that demonstrate our commitment to conducting business ethically and with integrity. Our policies include:
- Anti-Bribery and Corruption Policy
- Anti-Money Laundering Policy
- Corporate Criminal Offence Policy
- Anti-Harassment Policy
- Speak up Policy
We will be refreshing these policies and supplementing them as part of a global compliance framework refresh project which is underway.
Due diligence:
Petredec conducts due diligence on all its counterparties and suppliers prior to entering any business relationships with them. Depending on the risk profile of the counterparty, additional due diligence may be conducted. These checks include screening for risks such as trade sanctions, money laundering and bribery as well as ascertaining an entity’s ultimate beneficial owners and requesting details of product sourcing and anti-slavery policies. This screening is undertaken both at initial onboarding and on an ongoing basis. Any issues of concern are escalated within Petredec. We are focused on continuing to improve our due diligence process to identify, assess and mitigate any potential risk areas in relation to slavery and human trafficking.
Training:
To ensure an appropriate level of understanding of the risks of modern slavery and human trafficking in our business and supply chains, the employees responsible for undertaking due diligence are appropriately qualified on the subject matter and understand the importance of reporting concerns. As part of our broader compliance framework refresh, we will focus on providing more detailed training to a broader range of employees.
Assessing effectiveness:
We recognise the importance of assessing the effectiveness of actions taken to address human rights risks and impacts. As part of our global compliance framework refresh, we will be setting up an environmental, social and governance (ESG) steering committee to review the effectiveness of our policies and procedures as we seek to continually improve our performance across our business.
Reporting a concern:
Our employees are obliged to report any business ethics misconduct immediately pursuant to our Speak up policy. We have a confidential, anonymous and secure Speak up portal delivered by an independent third party, which is accessible online to employees and third parties. Employees can also, at their option, raise concerns with their line managers, Human Resources or Group General Counsel. Petredec takes all reports made via these channels seriously.
Approval:
This statement has been approved by the Board of Petredec Pte Limited on 27 March 2025 and will be updated annually.