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Top related persons:
Arnd - 1 Rahul Dhir - 1 Peel - 1 Tullow - 1 Radhika Anilkumar - 1 Shadia Nasralla - 1 Savio D'Souza - 1 Jason Neely - 1
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London Baar Switzerland Ghana Gabon Bengaluru West Africa London's Southwark
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Glencore - 2 Thomson - 2 REUTERS - 1 Glencore Energy UK Ltd - 1 Peel Hunt - 1 SFO - 1 Glencore's - 1 Glencore Energy - 1

Search resuls for: "Glencore Energy"


7 mentions found


☆ Tullow in $400 million debt deal, Ghana oil marketing pact with Glencore
  + stars: | 2023-11-13 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 13 (Reuters) - Tullow Oil (TLW.L) said on Monday it signed a $400 million five-year debt deal with Glencore (GLEN.L) to help manage its senior notes maturing through 2026 and will see the trading house take over marketing the crude from its flagship Ghana oilfields. The facility "significantly de-risks" Tullow's ability to refinance its 2026 notes, Peel Hunt analysts wrote in a note. Tullow's shares were up 3.6% at 31.5 pence in early trade. The company also signed an oil marketing and offtake contract with Glencore for Tullow's crude oil entitlements in Ghana and Gabon. Tullow reiterated its free cashflow guidance of $800 million between this year and 2025.
Persons: Arnd, Rahul Dhir, Peel, Tullow, Radhika Anilkumar, Shadia Nasralla, Savio D'Souza, Jason Neely Organizations: REUTERS, Glencore Energy UK Ltd, Peel Hunt, Glencore, Thomson Locations: Baar, Switzerland, Ghana, Gabon, Bengaluru, London
☆ UK SFO delays decision on whether to charge Glencore staff until year-end
  + stars: | 2023-06-26 | by ( ) www.reuters.com   time to read: +1 min
The SFO is investigating former employees of Glencore's UK subsidiary Glencore Energy UK Limited over potential criminal offences in relation to its operations in West Africa. The ex-Glencore employees who are under investigation by the SFO have been granted anonymity pending a decision by the SFO on whether to bring criminal charges. Glencore's UK subsidiary last year admitted seven bribery offences related to paying – or failing to prevent the payment of – millions of dollars in bribes to officials in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan. At its sentencing in November, prosecutors told the court that Glencore employees and agents used private jets to transfer cash to pay bribes to officials in Cameroon and South Sudan. Glencore was ordered to pay a total penalty of 276.4 million pounds ($352 million) for its offending, which the sentencing judge described as "endemic" corruption.
Persons: Alexandra Healy, Glencore, Sam Tobin, Christina Fincher Organizations: SFO, Glencore's, Glencore Energy, Limited, Glencore, London's, London's Southwark Crown, Thomson Locations: London, West Africa, London's Southwark, Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, South Sudan
☆ Russian court orders Glencore unit to pay up in Sberbank row
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +1 min
[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd WiegmannSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Feb 23 (Reuters) - A Russian arbitration court said it has ordered a subsidiary of Swiss commodities trader Glencore (GLEN.L) to pay about 118 million euros ($125 million) to Russian state lender Sberbank (SBER.MM) amid a row over unpaid oil supplies. Sberbank took legal action against Glencore Energy UK Ltd last year after it alleged the company did not pay for two oil consignments supplied by a subsidiary of Sberbank in March due to sanctions. Glencore declined to comment on the court's ruling, which was issued on Feb. 21 but made public on Thursday. ($1 = 0.9433 euros)Reporting by Reuters; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.
☆ Russia's Sberbank urges Glencore to resolve dispute over oil bill
  + stars: | 2022-12-26 | by ( ) www.reuters.com   time to read: +1 min
Sberbank has taken legal action to recover debt and penalties from Glencore Energy UK Ltd over the two consignments, supplied by a subsidiary of Russia's largest bank in March. "Glencore is refusing to pay, citing sanctions," Sberbank First Deputy Chairman Alexander Vedyakhin told reporters. "There are different ways of working without violating sanctions... This issue could have been resolved, but unfortunately Glencore is refusing any communications with us." In March, as Western sanctions over Russia's actions in Ukraine started coming into force, Glencore said it would not enter into new trading business in respect of Russian-origin commodities unless directed by the relevant government authorities.
☆ Russia's Sberbank sues Glencore for $116 mln over oil supplies
  + stars: | 2022-11-07 | by ( ) www.reuters.com   time to read: +1 min
[1/2] The logo of Russia's largest lender Sberbank in Moscow, Russia, December 24, 2020. The database showed Sberbank was seeking to recover debt and penalties from Glencore Energy UK Ltd over two agreements, worth roughly 58 million euros each. One related to oil blend supplies to the border of Ukraine and Hungary in March, and the other to supplies to the border of Ukraine and Slovakia in the same month. Russia sent its troops into Ukraine on Feb. 24 for what it calls a "special military operation". ($1 = 1.0073 euros)Reporting by Oksana Kobzeva Writing by Vladimir Soldatkin Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
☆ Glencore fined $314 million for ‘endemic’ bribery of African oil officials
  + stars: | 2022-11-03 | by ( Anna Cooban | ) edition.cnn.com   time to read: +2 min
London CNN Business —Commodities giant Glencore (GLCNF) has been ordered to pay a record £281 million ($314 million) penalty by a UK court for bribing officials across Africa to gain access to oil. The penalty announced on Thursday includes a fine, legal costs and confiscation of the profit Glencore made from its bribes. It also found that, between 2012 and 2015, a Glencore trader and Nigerian agent withdrew a total $13.7 million in cash from Glencore’s Swiss cash desk. Glencore said in May that it had resolved investigations into separate bribery charges brought by authorities in the United States and Brazil. The company has set aside $1.5 billion to settle its legal cases, including the UK bribery action, it said Thursday.
☆ Glencore employees moved bribes cash by private jet, London court told
  + stars: | 2022-11-02 | by ( Sam Tobin | ) www.reuters.com   time to read: +3 min
LONDON, Nov 2 (Reuters) - Employees and agents of a British subsidiary of mining and trading group Glencore (GLEN.L) used private jets to transfer cash to pay bribes to oil officials in West Africa, prosecutors told a London court on Wednesday. Glencore Energy UK Limited paid – or failed to prevent the payment of – millions of dollars in bribes to officials in five African countries, Britain's Serious Fraud Office (SFO) told Southwark Crown Court on the first day of a sentencing hearing. She told the court the unidentified Glencore employee was assisted by the company’s agent in Nigeria, from where the cash was withdrawn and transported to Cameroon often by private jet. Another unidentified employee also requested the withdrawal of $800,000 in cash from Glencore International AG’s cash desk in Switzerland before flying by private jet with a colleague to South Sudan, Healy said. Clare Montgomery, representing Glencore, said the company’s chairman Kalidas Madhavpeddi, who took up the post in 2021, was in court for the sentencing.
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