US DOJ Closes Eni Investigations
The U.S. Justice Department has closed its investigations into alleged corruption by oil major Eni in Nigeria and Algeria without taking any action, the Italian energy group said on Tuesday.Eni, the biggest foreign oil and gas producer in Africa, is currently on trial in Milan on graft allegations…
Baker Hughes to Bid for Petrobras Production-sharing Contract
General Electric Co's unit Baker Hughes is preparing an offer for a production-sharing deal with Brazil's Petrobras, a Baker Hughes executive said on Tuesday, as the state-run oil company seeks creative ways to boost output from mature fields.Reuters reported in June that Baker Hughes was considering a bid…
Former Banker Pleads Guilty to Role in Laundering Embezzled PDVSA Funds
A former executive with Swiss bank Julius Baer pleaded guilty on Wednesday for his role in a billion-dollar scheme to launder money embezzled from the Venezuelan state-owned oil company PDVSA, the U.S.
Sinovel Fined for AMSC Trade Secret Theft
A U.S. judge ordered Sinovel Wind Group Co Ltd, a Chinese wind turbine maker, to pay a $1.5 million fine after the company was convicted and charged for stealing trade secrets from Massachusetts-based AMSC. U.S. District Judge James Peterson in Madison, Wisconsin, also sentenced Sinovel to one year of probation…
Court Thwarts VW's Bid to Suspend Emissions Audit
Germany's highest court has rejected a bid by Volkswagen AG to suspend the work of a special auditor appointed to investigate management's actions in the "Dieselgate" emissions scandal. A three-judge panel did not give an opinion on the merits of the case, in which VW argues that the naming of the auditor by a lower court violated its fundamental rights…
Ex-Keppel Lawyer Cooperated in Brazil Bribery Probe
A former lawyer at Keppel Corp Ltd's oil rig building business secretly pleaded guilty and cooperated with U.S. authorities before the Singapore-based company agreed to pay $422 million to settle charges it bribed Brazilian officials, according to court documents. Jeffery Chow, a former senior member of Keppel Offshore & Marine Ltd's legal department…
SBM Offshore to Pay $238 Mln in US Bribery Case
SBM Offshore NV, a Netherlands-based maker of offshore oil drilling equipment, and its U.S. subsidiary, SBM Offshore USA Inc, agreed to settle criminal charges of bribing officials in five countries and pay a $238 million penalty, the U.S. Justice Department said on Wednesday. The companies agreed…
SolarCity to Pay $29.5 Mln to Resolve US Gov't Allegations
SolarCity will pay $29.5 million to settle a long-running investigation into allegations it violated federal law by submitting inflated claims to the government through a popular stimulus program set up during the Obama administration, the U.S. Justice Department said Friday. The department said…
US DoJ: Misappropriated 1MDB Funds Financed Energy Deal
Malaysia's Jho Low, IPIC subsidiary in deal to buy energy firm. Money misappropriated from a Malaysian state fund was used to partly finance the $2.2 billion acquisition of Houston-based Coastal Energy in 2014, the U.S. government alleged in a lawsuit filed last week. Proceeds from the Coastal…
PDVSA Seeks Compensation in 'Staggering' US Bribe Case
A unit of Venezuela's state-run oil company PDVSA has asked a U.S. court to order two businessmen to compensate it for carrying out a "staggering" bribery scheme that cost the company $600 million in losses. A motion filed last Wednesday in federal court in Houston marked the first time PDVSA had formally intervened in the case, part of a U.S.
Chemoil to Pay $27 Mln to Resolve US Complaint
A Singapore-based global fuel supplier has agreed to pay a $27 million penalty and retire renewable fuel credits worth another $71 million to resolve charges it violated the renewable fuel standard program, the U.S. Justice Department said on Thursday. The Justice Department and the Environmental…
U.S., Enbridge Reach $177 mln Settlement After 2010 Oil Spills
The U.S. Justice Department and Environmental Protection Agency and U.S. units of Enbridge Inc reached a settlement under which the pipeline company will pay $177 million after a 2010 oil spill that released crude oil in Michigan and Illinois, Enbridge said on Wednesday. Enbridge Energy Partners…
U.S. Extends VW Emissions Settlement Deadline
A U.S. judge late on Wednesday extended the deadline for Volkswagen AG, U.S. government regulators and owners of nearly 500,000 2.0 liter vehicles to reach a final diesel emissions settlement until June 28. The tentative settlement announced in April includes an offer by VW to buy back nearly 500…
Baker Hughes to Buy Stock, Debt after Halliburton Deals Fails
Baker Hughes Inc said it planned to buy back $1.5 billion of shares and $1 billion of debt, using the breakup fee it will receive following the collapse of its proposed buyout by Halliburton Inc. Baker Hughes will get $3.5 billion as part of a merger agreement, which the companies terminated on Sunday after opposition from U.S. and European antitrust regulators.
US Files Lawsuit to Block Merger of Halliburton and Baker Hughes
The U.S. Justice Department said on Wednesday that it filed a lawsuit aimed at stopping Halliburton from merging with Baker Hughes, a deal that would combine the No. 2 and No. 3 oil services companies. Halliburton has hired two antitrust litigators, Richard Parker of O'Melveny & Myers LLP and Stephen Weissman of Baker Botts LLP…
US Justice Dept. Will Sue to Stop Halliburton, Baker Hughes Merger
The U.S. Justice Department will file a lawsuit as soon as this week to stop Halliburton from merging with Baker Hughes, a deal that would combine the No. 2 and No. 3 oil services companies, a source familiar with the matter said. The two sides had been discussing asset sales aimed at saving the deal, which was announced in November 2014.
Former BP Rig Supervisor Not Guilty
A former BP Plc supervisor was found not guilty by a New Orleans jury on Thursday of a single pollution charge stemming from the 2010 Deepwater Horizon drilling disaster that killed 11 people. Robert Kaluza was the last of four people who had faced charges in connection with the disaster, the worst offshore oil spill in U.S. history.
New Jersey Sues VW over Excess Diesel Emissions
New Jersey on Friday filed a lawsuit against Volkswagen AG and its luxury units over the German automaker's excess diesel emissions, becoming the fourth U.S. state to take legal action. New Jersey's acting attorney general, John J. Hoffman, accused VW and its Porsche and Audi units of perpetrating a massive fraud on consumers and violating state clean air laws.
VW Set for Easier Ride in Europe on Emissions Scandal
Volkswagen is unlikely to face U.S.-style fines in Europe over its emissions scandal because of a softer regulatory regime and its home country Germany's determination to protect its car industry, EU sources and legal experts say. The carmaker has been embroiled in crisis since last September, when it admitted it had cheated U.S.
Two Arrested in Venezuelan Corruption Scheme
Two men including an oil equipment supply firm executive have been arrested on charges related to an alleged scheme to corruptly secure energy contracts from Venezuela's state-owned energy company, the U.S. Justice Department said Sunday. Roberto Rincon, the president of Texas-based Tradequip Services & Marine…
