corruption - EnergiesNet

Former Venezuelan oil, finance ministers and a pro-government businessman arrested in PDVSA corruption case

EnergiesNet — Wed, 10 Apr 2024 08:34:26 +0000

Reporting by Mayela Armas and Deisy Buitrago, Reuters CARACAS EnergiesNet.com 04 10 2024 Venezuela’s former oil minister, Tareck El Aissami, once one of the most influential officials in President Nicolas Maduro’s government, has been arrested in a corruption probe into state oil company PDVSA, the attorney general said on Tuesday. Former finance minister Simon Zerpa …

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Gunvor Oil Trader With ‘History of Misconduct’ Took Years to End Bribes

EnergiesNet — Thu, 21 Mar 2024 07:48:26 +0000

Jack Farchy and Archie Hunter, Bloomberg News LONDON EnergiesNet.com 03 21 2024 Around the time Gunvor Group Ltd. was convicted on bribery charges in 2019, Chief Executive Officer Torbjörn Törnqvist touted its relatively new compliance department as evidence that the company had changed. Gunvor, by then one of the world’s largest oil traders, had operated …

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Cash for Vitol Bribes Was Handed Over in Houston Parking Lot – Bloomberg

EnergiesNet — Wed, 14 Feb 2024 08:29:20 +0000

Maria Clara Cobo, Bloomberg News NEW YORK EnergiesNet.com 02 14 2024 Thousands of dollars in bribe payments from oil trader Vitol Group were handed over to a Mexican oil official in a Houston parking lot, a federal jury in Brooklyn, New York, heard on Monday. The revelation is the latest from the trial of former …

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Former Pemex Executive Says He Took ‘Candies’ From Vitol Trader – Bloomberg

EnergiesNet — Thu, 08 Feb 2024 08:10:20 +0000

Patricia Hurtado and Maria Clara Cobo, Bloomberg News NEW YORK EnergiesNet.com 02 08 2024 A former Pemex executive testified that he agreed to accept $300,000 from Vitol Group in exchange for helping the trading house win a deal with the Mexican state-owned oil company. The testimony is the latest development in the trial of former …

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Vitol’s Geneva Staff Bypassed Internal Controls in Bribe Scheme – Bloomberg

EnergiesNet — Mon, 05 Feb 2024 07:50:54 +0000

Maria Clara Cobo, Patricia Hurtado and Jack Farchy, Bloomberg News NEW YORK/HONG KONGEnergiesNet.com 02 05 2024 Bribe payments by oil trading giant Vitol Group were facilitated by an accounting system that allowed employees to bypass internal controls, according to a company official. Traders could circumvent Vitol’s accounting systems by requesting manual payments to be authorized …

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U.S. Wildcat Entrepreneurs To Invest In Venezuelan Oil – Elias Ferrer B./Forbes

EnergiesNet — Sun, 21 Jan 2024 13:27:40 +0000

By Elias Ferrer Breda A group of wildcat entrepreneurs visited Venezuela this week, aiming to revamp the country’s run-down oil sector, according to a source present in the meetings. The U.S. investors met with representatives of Petroleos de Venezuela SA (PDVSA), the state-owned oil firm, as well as local private companies. The delegation included Harry …

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Oil Traders Used State Firms as Fronts in Corrupt Ecuador Deals – Bloomberg

EnergiesNet — Fri, 19 Jan 2024 07:36:05 +0000

Jack Farchy, Maria Clara Cobo and Patricia Hurtado, Bloomberg News HONG KONG/NEW YORK EnergiesNet.com 01 19 2024 Three of the world’s top commodity trading houses used state oil companies from China, Thailand, Oman and Uruguay as fronts in their corrupt deals with Ecuador, a federal jury in Brooklyn, New York has heard. Gunvor Group, Vitol …

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Glencore Bribery Charges Over Ex-Staff Hit With Fresh UK Delays – Bloomberg

EnergiesNet — Wed, 01 Nov 2023 07:35:49 +0000

Katharine Gemmell, Bloomberg News NEW YORK EnergiesNet 10 31 2023 The UK’s fraud prosecutor delayed its decision to charge ex-Glencore Plc staff over allegations they were involved in widespread corruption at the company to July 2024, leaving as many as 11 former employees in legal limbo for months to come. The Serious Fraud Office said …

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A $15 Billion Oil Debt Spawns a Black Market in Mexican Fixers – Bloomberg

EnergiesNet — Thu, 20 Jul 2023 12:35:49 +0000

Amy Stillman, Bloomberg News MEXICO CITY Energiesnet.com 07 20 2023 In a muggy cafe near the boardwalk of Mexico’s Ciudad del Carmen, a ship company manager unlocks his phone to show a list of 26 firms owed money by the state-owned oil company. The screenshot was followed by a WhatsApp message: “I can help them …

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Trafigura Cuts Mexico Oil Traders as Policies Crimp Margins – Bloomberg

EnergiesNet — Tue, 27 Jun 2023 11:22:34 +0000

Lucia Kassai, Bloomberg News HOUSTON EnergiesNet.com 06 27 2023 Trafigura Group is cutting oil-trader positions in Mexico as the government’s nationalist policies squeeze its profit margins. Five commercial-trading jobs were eliminated this month, according to people with knowledge of the situation who asked not to be identified. One of the roles eliminated was that of oil …

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Latan Brief: Mexico’s Supreme Court strikes down Plan B (June 23, 2023)

EnergiesNet — Mon, 26 Jun 2023 08:49:25 +0000

Mexico’s Supreme Court struck down a key portion of a sweeping electoral reform bill championed by President Andrés Manuel López Obrador, backing critics who said the measures undermined the country’s electoral authority, a key pillar of Mexican democracy. The nine to two ruling is a political defeat for the government, which said the reform would …

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Trafigura Mexico Oil Head Eschenbach Leaves as AMLO Roils Firms – Bloomberg

EnergiesNet — Fri, 23 Jun 2023 10:11:27 +0000

Lucia Kassai and Amy Stillman, Bloomberg News HOUSTON/MEXICO CITY EnergiesNet.com 06 22 2023 Trafigura Group Mexico Oil and Gas Director Katia Eschenbach has left the company as the nationalist energy policy in Latin America’s second-largest economy poses challenges for trading firms. Eschenbach had led the firm’s operations in Mexico for 12 years, with a goal of …

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