Dhir said the Glencore debt and Tullow’s cash, in addition to $800mn of free cash flow from 2023 to 2025, would “allow us to fully address all outstanding 2025 notes”.
The UK’s fraud prosecutor delayed its decision to charge ex-Glencore staff over allegations they were involved in widespread corruption at the company to July 2024, leaving as many as 11 former employees in legal limbo for months to come.
The statement said countries in need “will not prosper without domestic players who are willing to solve their unique challenges”.
A London court has ordered commodity trader Glencore to pay £280.97 million in penalties as a result of its bribe paying.
Glencore officials delivered cash in private jets to officials across Africa, UK prosecutors said as they laid out a web of bribery and corruption orchestrated by the London oil trading desk.
As many as 11 Glencore Plc employees could be under investigation by UK prosecutors as the company prepares to be sentenced for bribery across five African countries, prosecutors said.
Perenco has exported its first barrel of oil from its recently acquired Chadian assets via the Chad-Cameroon pipeline.
Glencore has agreed to pay penalties of $1.06 billion to US and Brazilian authorities. More is to come in a UK settlement with the Serious Fraud Office (SFO).
Ukraine asked some of the world’s top commodity trading houses to stop dealing in Russian oil, saying such contracts help fund Vladimir Putin’s war.
Trafigura is “reviewing” its shareholding in Vostok Oil, while Glencore is also considering its stakes in En+ and Rosneft, in response to the war in Ukraine.
Glencore has reported strong earnings for 2021, although in terms of energy it was largely driven by coal, rather than oil.
It was supposed to be a big win for climate activists: another of the world’s most powerful mining companies had caved to investor demands that it stop digging up coal.
Cheniere Energy has signed another sales contract for LNG in support of its proposed Corpus Christi Stage 3 project.
When Anthony Stimler left Glencore Plc in August 2019, he had two big secrets: For a dozen years, he’d paid millions in bribes to African officials and intermediaries. And he was now helping a US Justice Department investigation into the company and numerous former colleagues.
A former Glencore employee has reached a plea deal with the US Department of Justice (DoJ), accepting involvement in the payment of bribes in Nigeria.
Exxon workers in Chad have gone on strike, amid concerns about employment following the proposed sale of local assets to UK-listed Savannah Energy.
The US has charged two former Chadian diplomats with international bribery and money laundering.
In late 2019 Gunvor Group, one of the world’s biggest oil traders, said it would make a clean break from the past by settling a long-running bribery case in Africa.
Chad has no plans to sell a stake in its export pipeline to Cameroon, Société des Hydrocarbures du Tchad (SHT) has said in a statement.
Glencore has taken an impairment of $6.39 billion for 2020, including $1.15bn in African oil operations.
Glencore’s wells in Chad remain offline although the Alen field, in Equatorial Guinea, is expected to start up on schedule in the first quarter.
A South African committee will visit the Engen refinery this week, during a visit to KwaZulu-Natal.
The UK’s National Contact Point (NCP) has accepted a complaint against Glencore UK for an oil spill in Chad.
Glencore has completed its purchase of Ørsted’s LNG business, just under a year after announcing the deal.
Chad asked Glencore to suspend payments on its oil-for-cash loan this year, a move that could prove a precedent for private creditors worried about being dragged into a global debt-relief push for poor countries.