Vitol, Trafigura Face Years of Oil-Trading Curbs in Mexico
- Editor
- Aug 19, 2021
- 1 min read
Summary: Mexico’s government has barred Vitol and Trafigura from new oil trading contracts with Pemex until at least the end of 2024 due to corruption concerns. The decision follows Vitol’s $160 million settlement over bribery allegations in Brazil, Mexico, and Ecuador, and a separate suspension of Trafigura by Pemex’s trading arm. Energy Minister Rocío Nahle, a close ally of President López Obrador, emphasized the country’s push for ethical energy practices and warned that other traders may face similar bans. The sanctions align with Mexico’s broader strategy to reclaim control over its energy sector and reduce dependency on foreign firms. Despite denying wrongdoing, Trafigura’s business operations in Mexico have been temporarily halted. The move underscores a global trend of tighter scrutiny on commodity trading giants amid cross-border corruption investigations.
Source: Bloomberg
