Sonatrach signed the contract while Ali ibn-Buzeid was the manager of the London branch, and Muhammad Shawki Rahhal was the marketing manager, who had been accused in the first Sonatrach lawsuit. The PDVSA source said the agreement had received the consent of all three parties and was being executed. I feel they are trying to bury this issue in the courts by stopping at mid-level employees, Yacoubian said. It targets Tarek Fawal, who is in charge of clearing Sonatrach BVIs transactions related to receiving and unloading fuel shipments in Lebanon, and is accused of bribery, forgery and using counterfeit documents, as well as Zaouk. The offer letter, seen by Reuters with its date redacted, said that Rosneft had agreed with PDVSA to pay BB Energys $26 million debt to the Venezuelan state oil company and then to seek payment from BB Energy via a bank transfer or an equivalent oil cargo. Under the new approach described to Reuters, Venezuelan state oil company PDVSA has at least twice asked its clients to make payments to Rosneft for Venezuelan oil, according to the documents. The internal PDVSA document said the sales would allow the partial completion of the financial scheme of advanced payments between PDVSA and Rosneft. Last month, he also joined calls from Tory MPs to allow shale fracking to resume in the UK. Both Mr. Rahmeh and ZR Group have been subjected to a politically motivated witch-hunt underpinned by a campaign to distract from Lebanons political failings. State-run Bangladesh Petroleum Corp., or BPC, has awarded the building contract to a consortium of Japan's Marubeni Corp., Vitol Asia Pte. I think we have more confidence in what didnt happen than what did.. October 19, 2018, 15:03 IST DUBAI: Trading company BB Energy has raised a $245 million revolving credit facility to refinance existing credit and for general corporate purposes, it said on Thursday. Companies registered abroad are legally not Cuban, according to the source, and could be used for dollar-denominated transactions. Stakeholders in renewable energy value chains include not only manufacturers, suppliers and users but also government agencies, financial institutions and private technology companies, as well as informal local networks. He declined to provide further details. Johnson even survived revelations that he would rather let the bodies pile high than push forward plans for a third lockdown. Entity: B.B. Aguilar also has served as a deputy in the legislative National Assembly. Corruption policy, and our KYC and recruitment procedures to support our stance that we will not It is assumed that companies will have more trust in documents certified in Switzerland than in Cuba.. Standards commissioner Kathryn Stone has carried out three investigations into Johnson in the past three years. The decision to award ZR Energy DMCC a new contract, despite its alleged involvement in the tainted fuel case, was explained by the presumption of innocence a principle applicable as long as no [verdict] was issued, an official source said. The new certificates, for 800 shares, were to be issued in the names of 10 members of the Bassatne family, including 160 shares for Riad Bassatne. The Lebanese National News Agency announced that the attorney-general of Mount Lebanon, Ghada Aoun, issued arrest warrants against 17 people working in the fuel sector because of import irregularities. The low-quality fuel in question was brought to Lebanon in March, under a secret contract signed with Algerian state company Sonatrach in 2005. They usually resort to those intermediaries when entering new markets that are unfamiliar to them, in order to benefit from their status inside this market, which they have done in several Asian countries before building direct relationships with the clients. One of the more intriguing schemes mentioned in the documents puts Cuba at the heart of a deal to sell Russian oil to Latin America through a company registered in Panama by the Bassatne family. Reports obtained by LOGI show that tests of one batch of fuel showed it could contain chemical waste. The quality of the fuel was so bad that it caused material damage to turbines at both the Jiyeh and Zouk power plants. Its stated aims are to challenge what it describes as the extremely damaging and harmful policies designed to mitigate climate change. After the Reuters story ran, Rosneft strongly denied the report, describing it as a blatant lie and a provocation against Rosneft. Yes! Mango madness in IndiaSouth Asia diaspora reporter Gaggan Sabherwal shares the story of the Indian couple whove employed security guards after discovering they had planted an extremely rare mango tree by mistake at $50 a mango they aren't taking any chances! From the beginning of the pandemic, Labour leader Keir Starmer spent nearly all his time agreeing with Boris Johnson in a show of national unity. Testimonies collected by Mount Lebanon Investigative Judge Nicolas Mansour as part of the preliminary investigation pointed to suspected shady deals to forge lab tests for the fuels quality specifications, and to the involvement of employees at the labs as well as senior officials at the Energy Ministry, including the director-general of oil installations, Sarkis Hleiss. The MP has also drawn comparisons between climate activism and radical Islam, writing: Radical Islam, Black Lives Matter and the Extinction Rebellion are cultural not economic movements which want to disown our collective past and so transform our very way of life and so dictate the future.. The judge is the one who has the power to add to or drop the charges.. This means that the judiciary has ruled pro forma for now. The PDVSA source said that Rosneft credited PDVSA the amount, minus an undisclosed fee, and then started talks with BB Energy to recover the sum it advanced PDVSA. This was set to be voted on in parliament. Public debt could rise to 289% of GDP by the end of the century if climate change is left unchecked, it said. All individuals involved in this initiative - including co-founders, advisory board members, and experts - are serving in their personal capacity. After the report was published, Reliance did not respond to further questions from Reuters about why the PDVSA internal document proposed Reliance pay Rosneft a marketing fee related to the supply of crude under the Indian firms long-term supply contract with PDVSA. While former energy ministers who signed and renewed the contract have been questioned, they are not currently at the center of criminal investigations. Le Commerce du Levant / By Nada MAUCOURANT ATTALAH, Fouad Gemayel, 28 May 2021 19:51, Twenty-two defendants are set to appear before a criminal court on charges related to a tainted fuel case that dates back to March 2020. The testimonies suggest that this system has been in place for years, resulting in Lebanon purchasing tainted fuel under a contract signed in 2005 with a subsidiary of Algerias Sonatrach Petroleum Corporation. Instructions for the change were sent by Iulia Ispas, legal adviser to BB Energy Trading Ltd. Emails exchanged by Mossack Fonseca lawyers also point to company operations in Syria and Iraq. This was in addition to his 49,140 directors salary. Fuel poverty and energy efficiency are inevitably linked, the less efficient a property is the costlier it is to heat. (Credit: Philippe Hage Boutros/OLJ). The proposed payment mechanism is the latest sign of the growing proximity of Venezuelas cash-strapped government to Russia as the United States tightens a financial noose around Venezuelan President Nicolas Maduro, who it describes as a dictator. Tory whips threatened MPs with the loss of local funding unless they fell into line. On top of Patersons 81,932 salary, he took home 8,333 a month to lobby on behalf ofhealthcare company Randox Laboratories. They include Petrobras, Vitol, and Glencore Limited. Paterson had, on 16 occasions, used his House of Commons office for meetings relating to his private business interests. There seems to be a tendency to prosecute managers and employees of the Lebanese Al-Zahrani Electricity Company as accomplices and facilitators of these operations; and while ZR Energys owners are being interrogated, the investigations will expand to reach the date of signing the contract with the Algerian company in 2005. BB Naft did business with Cuba between 1992 and 2001, trading oil for sugar for $300 million, with credit facilities at low interest rate, Coronado wrote. BB Energy bought oil on the day prices turned negative. The Liberal Democrats have ennobled five donors and the Labour Party, two. One of the markets may have been Ecuador. Its got through to him that there is a chance to inflict real blows on the Tories. Last month he and. The methods have frustrated Washington officials, who have in recent days questioned why sanctions have not had a more dramatic impact on Venezuelas finances. According to the Dubai commercial register, ZR Energy DMCC is fully owned by Zaouk. Starmer last week called on Johnson to answer, apologise and act over sleaze allegations. Our Standards: The Thomson Reuters Trust Principles. If you have any queries about republishing please contact us. Petroecuador contracted BB Energy (Asia) Pte. Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region's best source of business information. Digital Subscription $1,909 Premium Subscription $3,179 Best Value Speaking on condition of anonymity, a lawyer with knowledge of the proceedings said that there is no [indictment] at this point. It is up to the criminal court to decide on the merits [of the case], and to determine whether ZR Group Holding SAL and Rahmeh are involved in the case. According to an undated internal PDVSA document, Indias Reliance Industries Ltd - PDVSAs largest cash-paying client was also asked by PDVSA to pay Rosneft directly in April for oil sales under a long-term supply contract with the Venezuelan company. Although Labour can now pick up on details of outrageous behaviour, it never offered a different strategy to that which put people before profits during the horror of the pandemic. Lucia Kassai and . Starting in the early 1990s, Cubas Ministry of Foreign Trade, through the Compaa Panamericana S.A, used Mossack Fonseca to create a string of disguised companies in Panama, the Bahamas and the British Virgin Islands that bought and sold medicines, cigars and food. BBE has consolidated experience in trading, operations, chartering, logistics, storage, refining, and financing, trading in excess of 40 million metric tonnes (MT) of crude oil, petroleum product, and gas in 2021. BB Energy is not known to be involved in fracking but says that it sells oil around the world and is one of the largest traders in the Mediterranean. You may republish if you include an active link to the original. Regardless of whether payments flowed directly to PDVSA or remained in Russia to pay down debt, the proposed approach appears to present no violation of sanctions by any of the entities because no U.S. citizens, currency, companies or financial institutions seem to be involved, according to four sanctions experts consulted by Reuters. BB Energy places emphasis on environmental protection as well as health and safety, particularly regarding oil-related storage activities. The Panama Papers show Dupont-Willemin as a director of a total of 49 offshore companies in the British Virgin Islands, five in Panama and two each in the Bahamas and Seychelles islands. All quotes delayed a minimum of 15 minutes. MP and former Tory energy minister John Hayes has been paid 150,000 by oil firm BB Energy over three years. After they didn't show up for questioning, reports suggested Hleiss and Rahme were being protected by Marada Movement leader Sleiman Frangieh. A former Tory Party chairman told The Sunday Times, Once you pay your 3 million, you get your peerage.. Panama Papers: Secret buyer seals deal for South Beach condo, U.S. investigated energy weapon, even aliens, but Havana Syndrome origin still unclear, Amid controversy, Biden administration shortens visit by Cuban Border Guard officials, Rubio questions planned visit by Cuban Border Guard delegation to Washington next week, Facebook takes down hundreds of fake accounts linked to the Cuban government targeting critics, A silent crisis: Miami experts discuss recent migration in South Florida at Herald townhall, Did a U.S. rapper make it rain money in Havana? 310. For some 15 years, the public were informed that Lebanon was purchasing fuel from the Algerian state company Sonatrach. The managing team of Sonatrach, at that time, instructed Sonatrach Petroleum Corporation (London branch) to carry out the deal.The deal that was negotiated then created the branch of Sonatrach in London, a front for a Lebanese trader named Baha Bassatne, whose company (BB Energy) had been receiving a lions share of the profit margin obtained from these triangular business processes. Their combined donation amounts to a total of 54 million. Shuja Malik of BBC Urdu visited a village where women have been hired to work in the milk centre. BB Naft does not appear, however, among the subsidiaries listed on BB Energys Web site. Whatever youre interested in, theres a free openDemocracy newsletter for you. The Cuban government used the Panama law firm involved in the Panama Papers to create a string of companies in offshore financial havens that allowed it to sidestep the U.S. embargo in its commercial operations. Mossack Fonseca was listed as the registered agent for most of the companies. The Panama Papers, documents leaked to the International Consortium of Investigative Journalists and shared with the McClatchy Washington Bureau, Miami Herald and El Nuevo Herald, among others, contain hundreds of thousands of pages from the files of Mossack Fonseca, a Panama law firm with offices in 33 other countries. This means you can get up to 7,500 worth of measures installed for a maximum contribution of 2,500. Please enable JavaScript in your browser to submit the form, - | 01.03.2023. The Cuban military is estimated to control at least 60 percent of the islands economy. Responding to Reuters story, Reliance strongly denied making any payments via third parties to PDVSA. Instead, investigations have revealed that at least two companies owned by Lebanese businessmen, BB Energy and ZR Energy, were bringing in the fuel. 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