Petrobras Temporarily Suspends Trading With Vitol, Trafigura and Glencore

Friday December 21, 2018

Petrobras Thursday said it has temporarily suspended oil and refined products trading activities with commodities giants Vitol, Trafigura and Glencore.

The suspension comes after 12 traders were charged as part of an alleged bribery scheme connected with the ongoing Operation Car Wash corruption and money laundering scandal, the Financial Times reports.

Brazilian authorities have said investigations "indicated that the purchase and sale of fuel oils and other derivatives between the state oil company and Vitol involved the payment of bribes of approximately $2.85m."

Argus Media, meanwhile, quoted prosecutors as saying a "criminal scheme involving the leasing of fuel storage tanks and several other trading operations entered into by Petrobras with Vitol, Glencore, Chemium and other trading companies is under investigation."

The massive Car Wash investigation dates back to 2014.

A recent report by campaign group Global Witness focused on the trio of mega-traders' highlighted the alleged bunker industry involvement as part of the scandal.