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By Steve UMIDHA
Security Printing firm, Société Industrielle et Commerciale de Produits Alimentaires or SICPA, says it will continue to expand its scientific knowhow in a bid to help curb oil theft. Oil is the world’s number one most stolen natural resource.
Through its Kenyan subsidiary SICPA Kenya, the company has outlined an ambitious and advanced approach it believes will help deliver a comprehensive fuel risk management and fuel tracking capabilities, saving governments and corporations hundreds of millions of dollars in fuel fraud.
“SICPA has acquired solid technological experience through its fuel marking contracts, helping governments achieve their ambitious goals, such as safeguarding and optimizing tax collection, combating illicit activities throughout the supply chain.
We also ensure that consumers receive the product quality they expect and reducing air pollution caused by adulteration with substandard products,” reads in part a statement by the company.
Strategies such as fuel marking, which is a method of authentication used to combat theft, smuggling or adulteration of petroleum products, is widely used by governments with the help of entities like SICPA to ensure that their national fuel supply comes from legal sources and comply with local or international standards through our Fuel Integrity Programmes.
It is today the most advanced way to protect fuel supplies against fraudulent behaviors; for that reason, it’s used by many governments and oil companies around the world.
Every year, it is estimated that US$133 billion of fuels are illegally stolen, adulterated, or defrauded from legitimate petroleum companies.
The United Nations University World Institute for Development Economics Research puts that figure at more than USD 130 billion worth of fuels it says is stolen worldwide every year – the largest smuggled natural resource.
Since 2016, SICPA says it has successfully deployed its Fuel Integrity Solution (FIS) in Europe, Asia, Africa and the Middle East – which is a robust integrated fuel marking solution that provides traceability, monitoring and fraud detection capabilities throughout the supply chain.
Fuel marking has been proven to be the safest and fastest way to combat fraud with no impact on the fuel quality and a considerable positive impact on revenue collection. By using fuel marking, many countries have put a curb on illegal smuggling of petroleum products, according to Cotecna – a testing, inspection and certification company.
SICPA Kenya plays an important role in supporting the country to combat illicit trade and optimize revenue within the East African region. The company, with its headquarters in Switzerland, contributes significantly to efforts that safeguard governments and citizens from counterfeit products.
Operating alongside East African community members like Tanzania, Uganda, and neighboring countries such as the DRC and Malawi, SICPA provides advanced systems that protect critical sectors.
The company’s expertise in anti-illicit trade and revenue optimisation solutions is a vital part of regional strategies to legitimise economies and secure public safety.
Since 2013, SICPA Kenya has been the trusted provider of the Excisable Goods Management System (EGMS) for the Kenya Revenue Authority (KRA), helping to protect excisable products like tobacco and alcohol from counterfeiting.
This system has significantly boosted tax revenues and reduced the circulation of counterfeit goods, safeguarding public health.
Financial Fortune is a digital financial news website and print business magazine published in Nairobi by Fortune & Transit Publishers Ltd and covers the financial services sector through news, views and extensive people coverage since 2018.
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