Bloomberg Law
Oct. 22, 2021, 1:15 PM

Petrobras Probe Shows How Glencore Unit Paid Bribes for Fuel Oil (1)

Lucia Kassai
Lucia Kassai
Bloomberg News

Brazil’s years-long Carwash probe into payoffs to secure business with Petroleo Brasileiro SA in the early 2010s revealed how a unit of commodities-trading giant Glencore Plc allegedly secured maritime fuel supply contracts.

Singapore-based Chemoil Energy, which Glencore agreed to buy at the end of 2009 and fully took over the following year, allegedly paid officials at the state-controlled oil giant in 2010 and 2011 to obtain favorable fuel oil contracts, according to documents recently disclosed by a court in Brazil. The bribes were paid to Petrobras traders by intermediaries and former Chemoil trader Emilio Heredia, who pleaded guilty of conspiring ...