Oil trading companies: drowning in malfeasance

Back in 2022, we noted that in oil trading house Glencore had been fined a total of around US$1.5 billion (with a “b”) for bribery and corruption over several years around 2010 in multiple jurisdictions in Africa. In April, we covered the US$661 million in fines and redress paid by oil trader Gunvor for bribery in Ecuador.

Reuters reported that Javier Aguilar, a former oil trader at Vitol, had been convicted of corruption charges in New York earlier this year after he paid more than US$1 million in bribes to officials at the state-owned oil companies in Ecuador and Mexico. Two Pemex staff testified that Mr Aguilar had paid them around US$600,000 in bribes to ensure that a US$200 million contract for the supply of ethane was awarded to Vitol and he faces further charges in Houston.

Then, in August, we reported how the UK authorities had charged Alex Beard, Glencore’s former head of oil, and four of his former colleagues, with… corruption.

Grupo R drilling platform to be leased by Shell Mexico

Related Stories