Featured Extractive Industries

U.S. senator introduces bill to sanction Russia-to-Germany gas pipeline

U.S. Senator John Barrasso introduced a bill on Thursday to slap sanctions on individuals and companies developing Russia’s Nord Stream 2 natural gas pipeline project, a day after his fellow Republican, President Donald Trump, said he was considering sanctions on the pipeline. Barrasso’s Energy Security Cooperation with Allied Partners in… Read More

Petrobras ignored warnings about fuel broker implicated in graft probe

Brazil’s Petrobras found suspicious activity in its oil trading business – and failed to stop it – six years before an alleged bribery scandal erupted in that unit in 2018, according to three people with knowledge of the situation and documents seen by Reuters. A 2012 internal probe at the… Read More

US and 25 nations accuse North Korea of violating sanctions

AP — The United States and 25 other countries are accusing North Korea of violating U.N. sanctions by importing far more than the annual limit of 500,000 barrels of refined petroleum products. A complaint seen Wednesday by The Associated Press asks the U.N. Security Council committee monitoring sanctions against North… Read More
12th June 2019
The United States on Tuesday slapped sanctions on Syrian businessman Samer Foz and his family, who have close ties to President Bashar al-Assad and who Washington said has made millions by developing properties on land seized from those who have fled the Syrian war. The sanctions were being placed on… Read More
11th June 2019
Iran has followed through on a threat to accelerate its production of enriched uranium, the head of the U.N. atomic watchdog said on Monday, departing from his usual guarded language to say he was worried about increasing tension. The assessment comes at a time of sharply increased U.S.-Iranian confrontation in… Read More
11th June 2019
Senegal’s justice ministry asked prosecutors on Monday to launch an inquiry into the country’s energy contracts after a report alleged that the president’s brother was involved in fraud related to two offshore gas blocks being developed by BP. After the publication of the investigation by the BBC last week, President… Read More
10th June 2019
AP — The Trump administration on Friday hit Iran with new sanctions that target its largest petrochemical company for providing support to the Revolutionary Guard Corps. The Treasury Department imposed sanctions on the Persian Gulf Petrochemical Industries Company and 39 of its subsidiaries and foreign sales agents. It said the… Read More
10th June 2019
A Venezuelan court on Friday ordered that six executives from U.S. refiner Citgo should stand trial on charges of corruption, defying pressure from U.S. authorities to release for the group that includes naturalized U.S. citizens. The executives were arrested in November 2017 after being called into a meeting at the… Read More
7th June 2019
The U.S. Treasury Department on Thursday tightened its pressure on Venezuela’s state-owned oil company by making clear that exports of diluents by international shippers could be subject to U.S. sanctions. The change, announced on the Treasury Department’s website, is the latest U.S. measure aimed at pressuring Venezuelan President Nicolas Maduro… Read More
7th June 2019
Citibank and Deutsche Bank have taken control of around $1.4 billion of Venezuelan government gold, which they received as guarantees for loans, as a result of U.S. sanctions on the Venezuelan Central Bank, according to five sources. Between 2014 and 2016 the central bank (BCV) used a portion of its… Read More
7th June 2019
AP — A Mexican federal judge has lifted an arrest warrant issued for a former head of the state oil company Petroleos Mexicanos in a corruption investigation, but says he must appear at a hearing. Prosecutors issued the warrant for Emilio Lozoya last month, saying there is evidence linking him… Read More
5th June 2019
Venezuelan PDVSA’s oil exports took another hit in May, following a deadline for customers to wind-down purchases in order to comply with U.S. sanctions, according to documents from the state-run company and Refinitiv Eikon data. The energy firm’s exports of crude and refined products fell 17% in May from the… Read More
5th June 2019
Transportation and project logistics company F.H. Bertling Ltd will pay a £850,000 fine for its role in a bribery scheme that garnered $20 million in freight-forwarding services contracts, the UK Serious Fraud Office (SFO) said Monday. The fine follows seven convictions against the firm and its employees for facilitating the… Read More