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scandal

Other News

VW to cut investment plan by £701million

Volkswagen said it has cut £701million from its investment plan for the next year following on from the emissions scandal it has been embroiled in. The company said it would cap spending on property, plant and equipment at around $12.8billion, which is around 8% less than its previous estimate.

Oil & Gas

Transocean mentioned in Petrobras carwash corruption probe

Transocean Ltd., the world’s largest offshore rig contractor, has been linked for the first time to the corruption probe of Petroleo Brasileiro SA, the state-owned energy giant at the center of Brazil’s biggest corporate scandal. A former executive at Brazil’s state-run oil company has testified to receiving what he says were payments made by someone claiming to be a Transocean agent in exchange for a rig- operation contract from Petrobras. “Transocean has a long-standing commitment to and upholds the highest standards for corporate ethics and compliance,” the company said in an e-mailed response. “Our employees -- and everyone conducting business on our behalf -- are required to adhere to our high standards for integrity, honesty, financial discipline and legal and regulatory compliance.”

Oil & Gas

Petrobras workers on strike

Brazilian oil workers have begun a 24 hour strike in an effort to halt moves to shrink state-run oil company Petrobas. Union workers, led by FUP – the country’s largest federation of oil workers for refineries and oil platforms – called for employees to walk off their jobs on Thursday at midnight. Petrobas has announced plans to sell $15.1billion of assets by the end of 2016 in a bid to pay down debt.

Oil & Gas

Braskem SA sued in US for ties to Petrobras scandal

A Braskem SA shareholder sued the petrochemical company for securities fraud in a case tied to Petroleo Brasileiro SA, as litigation in the U.S. over the Brazilian energy company’s bribery scandal expands to customers. Petrobras sells naphtha to Braskem, Latin America’s largest petrochemical maker. The material, the main ingredient for making petrochemicals, is sold under long-term agreements between the two firms, according to investor Douglas Peters. Petrobras has been accused of involvement in a bribery scheme that has rocked Brazil’s economy and triggered lawsuits in the U.S.