Mexican state energy company Pemex has received a settlement worth more than $30 million from Vitol, including a $23 million cash payment, over a graft scandal that halted deals with the Swiss-based trader, documents showed and sources with knowledge of the matter confirmed to Reuters.
In return, Pemex has lifted its three-year ban on business with the world's largest independent commodities trader, according to the settlement, the terms of which have not previously been reported.The ban followed Vitol's public acknowledgement in December 2020, in a deal with the U.S. Department of Justice, that it had paid kickbacks to win business with Pemex as well as state companies in Brazil and Ecuador.
Mexican President Andres Manuel Lopez Obrador had said Pemex would only resume dealing with Vitol if adequate compensation was paid and the company handed over the names of those involved in the graft scandal. Pemex later disclosed the names of two former officials.Two sources familiar with the matter confirmed the terms to Reuters, speaking on the condition of anonymity because the information is both commercially and politically sensitive.
The guarantee had already been collected by Pemex Transformacion Industrial, which is responsible for processing petroleum products and petrochemicals, after terminating a contract for ethane in late 2020 on grounds of corruption. In addition, Vitol agreed to carry out works at the Pajaritos complex in Veracruz state free of charge and transfer ownership of assets to Pemex; the works at the ethane plant included the installation of vaporizers and pipelines.
Pemex data released last week showed gasoline and diesel imports rose by 17% each in August, to more than 407,00 barrels per day and nearly 175,000 bpd, respectively.
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