GLENCORE ENERGY UK LTD.
Company number: 04542769
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
26 July 2023
Approved by:
Warren Blount
Payment statistics
Average time taken to pay invoices: 9 days
Invoices paid:
- within 30 days: 96%
- in 31 to 60 days: 3%
- in 61 days or more: 1%
Late and disputed:
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
30 days
Standard payment terms
Consistent with normal industry practices: Crude Contracts – 30 days Products Contracts – 5 to 30 days NatGas Contracts – 20th of month following delivery settlement Freight Contracts – prompt or 2 days after completion of discharge Overheads – variety prompt upon receipt to 30 days Payment terms are agreed with suppliers as part of contract negotiations. The most commonly used terms are 30 days, but payment terms vary by commodity traded and geographical location and could be longer or shorter as mutually agreed. Once authorised, trade invoices are paid when contractually due through regular payment runs.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The process for resolution of disputes involves discussion with our commercial & legal teams to review facts and circumstances and recommend resolutions.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No