• 30 mins Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 5 hours New Video Game Targets Oil Infrastructure
  • 6 hours Shell Restarts Bonny Light Exports
  • 7 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 14 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 19 hours British Utility Companies Brace For Major Reforms
  • 23 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 1 day Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 7 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
Clashes In Kurdistan Send Oil Prices Higher

Clashes In Kurdistan Send Oil Prices Higher

Reports of skirmishes between Iraqi…

Oil Fundamentals Overturn Geopolitical Risk

Oil Fundamentals Overturn Geopolitical Risk

Geopolitical risk from Iraq and…

Pemex Sue Siemens over Charges of Bribery

Pemex Sue Siemens over Charges of Bribery

Pemex, the state-owned Mexican oil company, has sued Siemens SG (NYSE:SI) and the South Korean Engineering & Construction Co. Ltd. for $500 million over claims of racketeering violations.

Allegations of bribery have followed Siemens for years, and in 2008 they pleaded guilty to US criminal charges and had to pay $1.6 billion to US and European authorities in order to resolve global bribing allegations.

In this current lawsuit, filed in the US District Court in New York, Pemex has accused the two companies of securing contracts to work on oil refinery modernisation projects via bribes to Pemex officials.

Recently the US has been increasing its enforcement the Foreign Corrupt Practices Law, an anti-bribery law; however it is very unusually for foreign countries to actually take cases to US authorities in search of compensation.

Related Article: Mexico to Privatize State Oil Company Pemex?

Siemens has already been linked with bribery claims in Mexico, which ultimately led to this new case. The US Securities and Exchange Commission (SEC) stated that in 2004 Siemens paid around $2.6 million to a politically connected consultant who helped them settle cost overrun claims associated with refinery modernisation projects. In the settlement of the case with the SEC Siemens neither admitted nor denied the allegations.

Pemex has listed this SEC case as the cause for its current investigation into “whether any of its dealings with Siemens were tainted by bribery,” and the subsequent findings.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News