The oil companies have also transferred capital to tax havens to establish banking units that lend money to sister companies. Shell established an oil trader in the Bahamas that generates revenue primarily by buying and selling oil among other Shell affiliates. Nigeria is another country that relies heavily on oil tax revenues. Waziri Adio - executive secretary of the Nigeria Extractive Industries Transparency Initiative, which advocates for stronger governance of oil revenues - said the practices of oil companies may be legal but aren't fair. In 2018, the companies derived 96% of their revenues from other Shell companies.

Source: bd News24 December 09, 2020 18:00 UTC