The Strategist

World's largest oil trader admits giving bribes

12/10/2020 - 03:06

For years, the world's largest oil trading company, Vitol Inc., has been claiming to be "completely intolerant" of corruption, while at the same time bribing through shell companies, writes Bloomberg.

It has become known that the company has agreed to pay more than $160 million to regulators in the United States and Brazil. Vitol said that representatives of the structure have been giving bribes to government officials in these countries for over 10 years, between 2005 and 2020.

The world's largest oil trader gave these recognitions in return for a delay in prosecution.

It is specified that between 2005 and 2014 the management of Vitol bribed managers of Petrobras. The total amount exceeded $8 million. 

For this, the Brazilian oil company provided Vitol with valuable data on its tenders. Among other things, it reported on the prices of the highest bid from competitors.

The United States and Brazilian authorities are currently investigating Vitol's competitors. These include Glencore Plc and Trafigura Group Ltd. Their employees are also suspected of corruption.