Storage tanks at an oil refinery, illustrating oil trading — Illustrative image. Photo: Carl Young, CC BY-SA 4.0

Oil Trading Business, Ecuador & Mexico Lots, Bribes Included

Two state oil companies, one trading house, more than $2 million. Settled by agreement, not by verdict.

Sold2015–2020International

more than $2M≈ €1.79MAs stated in the source: more than $2 million

Already sold, to Vitol Inc., in 2015–2020. Nothing on Lobay is for sale.

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Seller

Role: officials at Ecuador and Mexico's state-owned oil companies
Institution: Empresa Publica de Hidrocarburos del Ecuador (Petroecuador); Petroleos Mexicanos (PEMEX)

Item specifics

Condition	Deferred prosecution agreement, 3 Dec 2020 (not a conviction). Charges dismissed 2024.
Location	Ecuador and Mexico
Seller	Officials at Petroecuador and PEMEX, state-owned oil companies. Names not given.
Winning bidder	Vitol Inc. (owned by Vitol Holding BV)
Category	Oil & gas
Sold	2015–2020
Returns	No returns. Total Criminal Fine $135,000,000 (2020), covering the whole resolution incl. Brazil

Description

What the bribe bought

The bribes were paid to obtain and retain business in the purchase and sale of oil products with Petroecuador and PEMEX. No profit or contract value is documented for these two countries.

What happened

Between 2015 and 2020, Vitol Inc. conspired to pay more than $2 million in bribes to officials at the state-owned oil companies of Ecuador and Mexico. Vitol Inc. is beneficially owned by the Dutch company Vitol Holding BV. On 3 December 2020 it signed a deferred prosecution agreement with the U.S. Department of Justice, admitting responsibility for the acts charged. The agreement also covered a separate Brazil scheme, which is not part of this listing. The charges were dismissed on 6 June 2024.

Read the article

Vitol pays $164 million to resolve U.S. allegations of oil bribes in Latin America · Reuters (via Yahoo Finance) · Archived copy

Official record

Vitol Inc. Deferred Prosecution Agreement (Cr. No. 20-539 (ENV), E.D.N.Y.) · U.S. Department of Justice

Shipping & returns

Authority	Kind	Amount	Year
U.S. Department of Justice (Fraud Section and U.S. Attorney's Office, E.D.N.Y.)	criminal monetary penalty (Total Criminal Fine), covering the whole resolution incl. Brazil	$135M≈ €121MAs stated in the source: $135,000,000	2020
U.S. Commodity Futures Trading Commission	disgorgement (credited in the DPA)	$12,791,000≈ €11.4MAs stated in the source: $12,791,000 in disgorgement	2020