Brazil: Petrobras receives $45M in Vitol Corruption Settlement

Jake Spring
Wednesday, December 30, 2020

Brazilian state-run oil company Petrobras said that it had received 232.6 million reais ($44.65 million) on Tuesday in a settlement with Swiss energy trading firm Vitol, which was implicated in a sprawling national corruption probe.

Petroleo Brasileiro SA, as Petrobras is formally known, said in a securities filing that the settlement was brokered as part of a leniency deal between Vitol and federal prosecutors.

The wide-ranging probe, known as Operation Car Wash, uncovered companies paying bribes for Petrobras contracts and has implicated hundreds of business and government officials.

Petrobras said that it has recovered 4.8 billion reais in settlements and compensation related to the Car Wash investigation to date.

Earlier this month, Vitol's U.S. subsidiary agreed to pay $164 million to resolve U.S. government probes into alleged bribes the company paid in Brazil and other countries to boost its oil trading business. Vitol said in a statement at the time that it does not tolerate corruption and is cooperating with the authorities.

Vitol did not immediately respond to Reuters' requests for comment following the Petrobras settlement. 

($1 = 5.2099 reais)

 (Reporting by Jake Spring; Editing by Sam Holmes)

Categories: Industry News Activity South America Regulations

Related Stories

MISC Secures Long-Term Charter for Papua New Guinea's First FSO

Staatsolie: Guyana-Suriname Gas Pipeline of ‘High Interest’

Jumbo Offshore Wraps Up Errea Wittu FPSO Mooring Pre-Lay in Guyana

Current News

Ndungu Full-Field Starts Up Offshore Angola

Norway's 2025 Oil Output Climbs to Highest Level Since 2009

AKOFS Offshore Inks New Vessel Deal with Petrobras

UK Trade Body Challenges Government View on North Sea Gas Decline

Subscribe for OE Digital E‑News