The company is the largest of a group that dominates global trade in oil, fuels, minerals and minerals and has been investigated for bribery and corruption, including Vitol, Trafigura and Gunvor. Brokers, most of whom are privately owned, generally operate out of the sights of regulators and have been willing to go to countries and make deals that others avoid.
Mexican President Andres Manuel Lopez Obrador has banned rival Vitol from doing new business with the oil trading arm of Pemex, and launched his own investigation into international commodity traders who are under an international investigation into bribery and corruption.
Lopez Obrador has always promised to eradicate corruption in Mexico, especially at Pemex. AMLO said last week, Vitol revealed who in Pemex accepted kickbacks from a commodity trader. He noted that Vitol still had to pay compensation to Mexico, and that some of the Pemex employees who took bribes had only worked with the state-owned excavator since 2019 and worked for the company’s international arm.
A representative of the president did not immediately respond to a request for comment.
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