Leading global energy and commodity news and price reporting agency Argus has successfully completed the seventh external assurance review of its energy price benchmarks.

Independent professional services company PwC examined the policies and processes through which Argus establishes price benchmarks for oil, LPG, thermal coal, coking coal, natural gas, biofuels and biomass.

The policies and processes reviewed by PwC were designed by Argus to comply with the principles for price reporting agencies (PRAs) set out by the International Organization of Securities Commissions (the Iosco PRA Principles) in October 2012.

Argus Media Group chairman and chief executive Adrian Binks said:
“The Iosco PRA principles help to demonstrate to our customers that Argus prices, which they use in physical and derivative contracts, planning and analysis, are produced through a reliable, transparent and robust methodology.”

Argus became the first PRA to complete an independent review of oil benchmarks in October 2013 and was the first to extend the Iosco PRA Principles to non-oil energy benchmarks, in January 2014.

The Iosco PRA Principles were endorsed by the G20 in November 2012. They cover governance, control, quality, integrity and conflict management in relation to commodity benchmark price assessments published by PRAs and require an annual external audit.

KeyFacts Energy Industry Directory: Argus