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A sign is pictured in front of the Vitol Group trading commodities building in Geneva October 4, 2011. The two Pemex documents are also not public. As part of the settlement, Vitol also dropped a lawsuit against PMI Comercio Internacional, Pemex's international trading arm, for $1.21 million for alleged damages to a refinery in Cressier, Switzerland. Meanwhile, legal proceedings tied to the graft scandal continue in Mexico but also the U.S., where a former employee is on trial, and Ecuador. The graft scandal Vitol acknowledged dates back to Lopez Obrador's predecessors.

Persons: Denis Balibouse, Pemex, Andres Manuel Lopez Obrador, Vitol, Lopez, Adriana Barrera, Stefanie Eschenbacher, Ana Isabel Martinez, Stephen Eisenhammer, Marguerita Choy Organizations: Vitol, REUTERS, MEXICO CITY, Reuters, U.S . Department of Justice, PMI Comercio Internacional, Mexican, Thomson Locations: Geneva, MEXICO, Swiss, Brazil, Ecuador, Vitol, Mexican, U.S, Cressier, Switzerland, Veracruz, Mexico

[1/2] The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. A third senior trading source confirmed that Vitol had resumed business with Mexico. Neither the deals nor the fact that Mexico resumed trading with Vitol have previously been reported. Vitol declined to comment while Pemex and the Mexican government did not respond to requests for comment. Eventually, Pemex officials pulled the plug on contract negotiations after Vitol officials refused their proposed changes to terms.

Persons: Raquel Cunha, Pemex, cargos, Vitol, Arvin, Andres Manuel Lopez Obrador, Octavio Romero, Pemex's Romero, Javier Aguilar, Aguilar, Stefanie Eschenbacher, Ana Isabel Martinez, Dmitry Zhdannikov, Luc Cohen, Marianna Parraga, Florence Tan, Stephen Eisenhammer, Marguerita Choy Organizations: REUTERS, Reuters, U.S . Department of Justice, Thames, Thomson Locations: Mexico City, Mexico, MEXICO, Swiss, Brazil, Ecuador, Liberia, Houston, Pajaritos, Denmark, Tuxpan, Tampico, America, Geneva, U.S, Brooklyn, London, New York, Singapore

☆ The 3,300 employees of an oil trading firm each made almost $800,000 last year – way more than Wall Street bank staff
▼ + stars: | 2023-07-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Commodity and energy trader Vitol Group made net profits of $15.1 billion in 2022, per Bloomberg. Its 3,300 employees were paid an average of $785,000 – nearly double the sum for the previous year. The salary and bonus figure dwarfs the average earnings of staff at big Wall Street banks. Staff at Vitol Group received huge raises this year after the oil trading firm posted a record profit of $15.1 billion. It and rival traders Cargill, Glencore and Trafigura made combined profits of nearly $50 billion for 2022, per Bloomberg.

Persons: Goldman Sachs, Morgan Stanley, Vitol, Cargill, Trafigura Organizations: Vitol, Bloomberg, Morning, Staff, Vitol Group, Wall, Glencore, Financial, Reuters Locations: Ukraine, London, Geneva, Singapore, Houston, Rotterdam, Switzerland

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