BB Naft does not appear, however, among the subsidiaries listed on BB Energys Web site. In recent years, the company has become increasingly active in LPG and LNG. Translation by Joelle El Khoury. If youre rich and want a place of power in politics, donate 3 million to the Conservative Party and youre likely to gain a peerage. Sonatrach signed the contract while Ali ibn-Buzeid was the manager of the London branch, and Muhammad Shawki Rahhal was the marketing manager, who had been accused in the first Sonatrach lawsuit. Public documents show for example that Vitol and Glencore have used intermediaries to funnel over US$31 million in bribes to corrupt Petrobras employees in the past so that they may win big contracts, along with acquiring other benefits. There have been unconfirmed reports that Luis Alberto Rodriguez Lopez-Calleja divorced Deborah Castro Espin in recent years, but he remains in charge of Grupo de Administracin Empresarial S.A., (GAESA) and the governments signature port of Mariel development project. They include BB Energy Trading Ltd., BB Energy Management S.A., BB Energy Holdings NV., BB Energy B.V., BB Energy (Asia) Pte. Link to this Report. In 2015, BB Energy won Ecuadoran contracts for more than three million barrels of naphtha, a petroleum distillate. The Covid-19 public inquiry is a historic chance to find out what really happened. Hayes, who was once described as the champion of the motorist during his time as a transport minister, also recently contributed to a report critical of the government's net-zero policies. Fuel Oil This was on top of his standard MP salary of nearly 82,000. The documents found in the Panama Papers are dated as far back as the early 1990s, when the Cuban economy crashed following the end of Moscows massive subsidies to the island. The instructions to the BB Naft shareholders were dated and signed in Beirut, but the agreement for the guarantee was signed by lawyers and verified by the office of the BNP Paribas bank in Marrousi, Greece. After the Reuters story ran, Rosneft strongly denied the report, describing it as a blatant lie and a provocation against Rosneft. Their statement mentioned that it was all about a dispute with their client in Lebanon, the Ministry of Energy and Water, around a defect in a shipment that was directed to a company under its supervision, which is EDL, a Lebanese power company. The statement added that the London branch is trying to sort out the problem with the client through continuous discussion, and that it will soon be solved, as the relationship between Sonatrach and the Lebanese Ministry of Energy and Water is excellent. The case dates back to March 2020, when EDL reported to the judiciary that it had received a shipment of poor-quality fuel, even though the results of tests conducted at the port of exit and upon the fuels arrival at the Beirut port showed the opposite. The Lebanese National News Agency announced that the attorney-general of Mount Lebanon, Ghada Aoun, issued arrest warrants against 17 people working in the fuel sector because of import irregularities. In another document, the lawyer Kabalan instructed Mossack Fonseca in 2005 to issue new shares for BB Naft because the originals had been sold to BB Energy Holdings N.V., a Curacao-based company publicly listed as part of the BB Energy group. Following a scandal over the delivery of tainted fuel to the state-owned lectricit du Liban, 22 defendants will appear before the criminal court that upheld the charges, which include accepting bribes and forgery. Offer sent. Its got through to him that there is a chance to inflict real blows on the Tories. Mansour had initially leveled the same accusations against the Lebanese company ZR Group Holding SAL and issued an arrest warrant for its owner, Teddy Rahmeh, which was withdrawn after bail was posted. Yours faithfully, Kalim Rahman. Oil accounts for more than 90 percent of exports from the OPEC nation and the lions share of government revenues. Forgery, using counterfeit documents, bribery, fraud and professional misconduct these are the charges brought against 22 people and entities following a pretrial investigation into a case of tainted fuel delivered to the state-owned lectricit du Liban to supply its plants. And the case of Sabradell S.A., headed by Panamericana director Jos L. Fernndez de Cosso Domnguez for a time and dissolved in 2008. MP and former Tory energy minister John Hayes has been paid 150,000 by oil firm BB Energy over three years. The aftermath of the devastating earthquake in Turkey and Syria is no exception. Plus, it is still not taking any of the precautions necessary today. They have addresses in the Miramar and Old Havana neighborhoods of the Cuban capital. The UK energy industry is facing a wave of bankruptcies amid a gas supply crunch that has sent electricity prices soaring, leaving suppliers vulnerable . All of Britain's Big Six energy suppliers, EDF Energy , Innogy's Npower, E.ON, Scottish Power, SSE and Centrica's British Gas, have submitted bids in a tender run by regulator Ofgem to . BB Energy bought oil on the day prices turned negative. Laurence Robertson . Such transactions do not lead to any consequent payment to PDVSA and do not violate U.S. sanctions or policies.. BB Energy is not known to be involved in fracking but says that it sells oil around the world and is one of the largest traders in the Mediterranean. All rights reserved. Few traders had room to receive physical barrels at Cushing. The contents of the contract were never known to the Lebanese people, despite costing the treasury billions of dollars. The internal PDVSA document said the sales would allow the partial completion of the financial scheme of advanced payments between PDVSA and Rosneft. Reporting by Marianna Parraga in Mexico City; Additional reporting by Luc Cohen in Caracas, Nidhi Verma in New Delhi, Julia Payne in London; Editing by Daniel Flynn, Simon Webb,David Gaffen and Marguerita Choy. Moreover, he denied any relationship with the ZR Energy trading company. He receives a salary of 25,000 a year. Russia has publicly said the U.S. sanctions are illegal and it would work with Venezuela to weather them. Tory MP Bill Wiggin gained 25,000 in bonuses and fees from a tax dodging wealth management firm in Bermuda. The Committee on Standards suggested Paterson should just be suspended from the Commons for 30 days. Venezuelan state oil company PDVSA has asked at least two of its clients to make payments for Venezuelan oil via Russian state energy giant Rosneft, as it comes under pressure from U.S. sanctions, according to a PDVSA source and documents reviewed by Reuters. As Lebanon endures worsening blackouts and fuel shortages, BBC Arabic investigates the disastrous state of the country's electricity sector. the Home Energy and Conservation Act (HECA) report in Appendix 1. Lucia Kassai and . BB Energy, a leading global independent energy trading company, is pleased to announce that it has successfully refinanced and expanded a$580 millionsenior secured borrowing base credit facility (the Facility). BBC Arabic's Moe Chreif tells us about the biggest corruption investigation in the history of Lebanons energy sector, which resulted in allegations involving multi-million dollar agreements, bribery, and shipments of substandard oil. Ukraine's track record of massive corruption in energy is a sadly familiar story. They include Petrobras, Vitol, and Glencore Limited. ZR Energy DMCC was not aware of any deficiency and relied on the representations of independent and internationally recognised third-party testers who certified that it was on specification when ZR Energy DMCC handled the cargo, a representative of ZR Energy DMCC said. But the stench of corruption was too much. BB Energy Location 12-14 Ansdell St, London, Essex, W8 5BN, United Kingdom Description Read More Industry Panamericanas former director, Jos L. Fernndez de Cosso Domnguez, is listed in the leaked documents as a director of Miramar Investment Corporation Ltd, Euro Foods Ltd, Racuza S.A, Caribbean Sugar Trader, Mercaria Trading S.A. and Sabradell S.A. Fernndez more recently served as Cubas ambassador to Japan and economic attach at the embassy in Paris. Three of the four experts said the U.S. Treasury had the latitude to act against companies or governments it deemed to be providing material support to a sanctioned entity, like PDVSA. This case points to the rampant corruption in the sector. MPs duly voted for it. Former prime minister Theresa May has made 842,526 giving paid speeches since March 2020. Labiofam S.A. bought all the shares of BioAsia Ltd. in 2009. But he was forced to U-turn to try and end the wave of sleaze allegations. By. Like the extractives sector, the renewables industry requires substantial capital investments, which can come with substantial risks of . Teddy Rahmeh and his company, ZR Group SAL Holding, are not involved in importing fuel oil to Lebanon, the representative of ZR Group Holding SAL said, denouncing the charges as a political conspiracy. Paterson had, on 16 occasions, used his House of Commons office for meetings relating to his private business interests. Following the publication of Reuters report on Thursday, Reliance said in its statement that it had purchased Venezuelan crude oil from Rosneft long before the imposition of U.S. sanctions on PDVSA in January, as the Russian company received oil in return for a reduction in Venezuelas debt. The inspectorate registered many irregularities and estimated that this branchs deals with the parent company, Sonatrach, and the ministry of defence involved inflated bills. Little is known inside the island about the Cuban governments companies abroad, but Havana economist Omar Everleny wrote in the early 2000s that there were more than 100 entities with the participation of Cuban capital, founded as mixed [state-private] companies or as branches of companies based on the island operating abroad in areas such as construction, agriculture, food, medicine, mining, finance and science., Everleny, recently fired from the University of Havanas Center for the Study of the Cuban Economy, noted the paradox that a country that lacks the capital for its own development has invested in other countries. The motive, he speculated, is the U.S. embargo that forced the establishment of a network of companies around the world to warehouse and market products from the sea, among them lobsters and shrimp., Today the export of products from the fishing industry is carried out through those companies, he said, adding that Cuban officials also created an international network of companies to warehouse and sell the famous Cuban cigars.. The deal between the Lebanese and Algerian governments was to provide the Lebanese market mainly with heavy fuel oil to meet the needs of power plants, a fuel that Algeria does not produce in sufficient quantities, as the Algerian oil Saharan Blend is known for being a light crude type. Corruption takes many forms, ranging from grand corruption - the capture of high office of government by elites and the uses of these offices for private gain - to "petty" corruption - the use of bribes or other The justification of the Sonatrach executives for adopting this type of contract (Fronting), which is renewed every three years, was the position of the intermediary in the Lebanese market, in addition to his taking all the risks related to the deals. Santiago De Cuba. Thats the case of Racuza S.A., incorporated in the British Virgin Islands. Beefing up global enforcement around corruption She has formally requested a parliamentary investigation committee be formed to probe the matter. Employees are required to act honestly and ethically when dealing with business counterparts. See here for a complete list of exchanges and delays. These high paid speeches have addressed bank JP Morgan Chase and World 50 Incan exclusive club for senior executives. The Lebanease newspaper, Al-Akhbar, published a tweet by the Former Energy Minister, Nada Boustani, in which she spoke of ministerial reports confirming the poor quality of fuel and demanding to go on with punitive measures against the suppliers. Both Mr. Rahmeh and ZR Group have been subjected to a politically motivated witch-hunt underpinned by a campaign to distract from Lebanons political failings. You can unsubscribe at any time*. Hayes recently opposed a plan to bring forward a ban on selling new petrol and diesel cars. They usually resort to those intermediaries when entering new markets that are unfamiliar to them, in order to benefit from their status inside this market, which they have done in several Asian countries before building direct relationships with the clients. BB Energy is one of the world's leading independent energy trading companies. The CEEC was made up of local residents who are . 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