Component and Equipment Suppliers to the Oil and Gas Industry Exposed to Conflict Minerals Compliance Violation

Component and Equipment Suppliers to the Oil and Gas Industry Exposed to Conflict Minerals Compliance Violation

Multimedia from this Release

Friday, March 22, 2013 - 1:00pm

CAMPAIGN: Conflict Minerals

CONTENT: Article

Oil and gas mega brands have both the court of law and the court of public opinion to answer to when it comes to the recently passed Dodd Frank Section 1502 reporting requirements, especially now that the first reporting period began on January 1, 2013.

Any products containing the 3TG (tin, tantalum, tungsten and gold) triggers disclosure requirements for the companies manufacturing and selling these products.  
 
Due to the financial and legal significance of the new SEC rule, Conflict Minerals Compliance is getting board level attention for approvals and implementation of a program which requires a deep dive, well beyond tier 1, of the supply chain.  
 
To minimize the cost associated with conflict minerals, understanding the implementation of "Reasonable Country of Origin Inquiry (RCOI)" is critical.