Pemex‘s Trading Arm Suspends Business With Vitol

The commercial arm of Mexican oil giant Pemex has temporarily suspended business with the world’s largest independent oil trader Vitol, which is currently the subject of a US bribery investigation.

The commercial arm of Mexican oil giant Pemex has temporarily suspended business with the world’s largest independent oil trader Vitol, which is currently the subject of a US bribery investigation.

According to an El Universal Friday report, a person familiar with the matter revealed that the commercial arm of Pemex took this step in order to prevent “affecting his image because of Vitol’s situation with US authorities.”

As part of a wide investigation, the United States Justice Department announced last week that the US subsidiary of Vitol paid bribes to Pemex workers in exchange for lucrative contracts. The department said that the company’s US unit had agreed to pay $164 million to resolve US government investigation into alleged bribes the firm paid in Mexico and many other Latin American nations.

On Thursday, Mexican President Andres Manuel Lopez Obrador said during a press conference that his government would look into the bribery allegations. “It’s under investigation and if true, those responsible will be punished. We’re not covering up for anyone,” he said.


© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.