Exclusive: Petrobras resumes oil trading with Vitol, Trafigura and Glencore

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Brazil's state-run oil firm Petrobras has lifted its ban on trading with major commodity traders Vitol, Trafigura and Glencore , in place since Brazilian prosecutors announced a bribery probe in 2018, the company told Reuters.

, in place since Brazilian prosecutors announced a bribery probe in 2018, the company told Reuters.

“After a temporary suspension period with the companies cited, the company re-initiated business after adopting and perfecting a series of specific measures meant to bring more security to the commercial relationship,” Petrobras said in a statement to Reuters. The prosecutors have alleged the top brass at the firms were fully aware of the alleged bribery scheme.

After Brazilian prosecutors announced their investigation, the U.S. Justice Department opened its own probe and Swiss authorities searched the trading firms’ offices in Geneva in November last year at Brazil’s request.

 

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