Photographer: Patrick T. Fallon/Bloomberg. By signing up, you agree to our Terms and conditions and privacy policy. Their statement mentioned that it was all about a dispute with their client in Lebanon, the Ministry of Energy and Water, around a defect in a shipment that was directed to a company under its supervision, which is EDL, a Lebanese power company. The statement added that the London branch is trying to sort out the problem with the client through continuous discussion, and that it will soon be solved, as the relationship between Sonatrach and the Lebanese Ministry of Energy and Water is excellent. Listed as a director of one of the companies is a brother of Gen. Luis Alberto Rodrguez Lpez-Calleja husband of Cuban ruler Raul Castros daughter and powerful head of the Cuban armed forces business conglomerate, GAESA. She has formally requested a parliamentary investigation committee be formed to probe the matter. +44 2079380500 Company BB Energy Joey Nanaasare Current Workplace Joey Nanaasare has been working as a Business Development at BB Energy for 4 years. Russia has publicly said the U.S. sanctions are illegal and it would work with Venezuela to weather them. 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! 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. In one transaction, an executive from Rosnefts Geneva trading unit said PDVSA had given its approval for Rosneft to collect payment from trading firm BB Energy for the purchase of 525,000 barrels of fuel oil loaded on Jan. 3, according to an offer letter. The leaked documents confirm the existence of these types of foreign companies, with at least partial Cuban government capital. Yahya Mawloud, the operations manager of Middle East Power, the company operating the reciprocating engines installed in Zouk and Jiyyeh where the tainted fuel was destined for, had sounded the alarm about the poor quality of fuel in March 2020. He has also compared climate activists to radical Islam. At BB Energy, we are constantly evolving in order to meet new challenges, while developing our personnel to ensure a competitive edge. 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. Potential forms of corruption include bribery, theft, collusion and bid-rigging. 2022 LOrient-Le Jour. According to documents, civil servants were trying to cover for the fact that Randox did not have the equipment it needed. Corruption policy, and our KYC and recruitment procedures to support our stance that we will not Thats the case of Racuza S.A., incorporated in the British Virgin Islands. With challenges consistently facing the energy industry, we are constantly evolving, using advanced systems, procedures and processes to provide the best answers for our clients. BB Energy's global network of middle distillates comprises of a wide range of products, most prominently jet, kerosene, diesel and heating oil. At parliament we will try to make sure that high level responsibility is also explored - including all the ministers who stayed silent over the years., Fuel import scandal shows why transparency matters. All rights reserved. Asked about Rosnefts offer and the fuel cargo payment, a spokesman for BB Energy said the company had not completed the transaction, under guidance from legal counsel. 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. It said it had purchased Venezuelan oil from Rosneft that was provided by PDVSA to the Russian company in repayment of past loans, so no money was flowing back to Maduros government. The allegations did not prevent the Energy Ministry from awarding it a spot fuel import contract in January to partially fill the gap created by the end of the contract with Sonatrach, after the latter did not renew the deal. Please detail the London Energy Project's revenue received, costs incurred and breakdown for both (ie where money was received from and how it was spent) for financial years 2015/16, 2016/17, 2017/18, 2018/19 and budget for 2019/20. Petroecuador contracted BB Energy (Asia) Pte. Its ownership was in the form of anonymous bearer shares the owners are whoever has those shares. Employees are required to act honestly and ethically when dealing with business counterparts. The Public Prosecution Office began investigating them to the backdrop of the ongoing debate, in Lebanon, over spoiled fuel bought by the electricity company from the Algerian oil company, Sonatrach, which ranked thirteenth in the ranking of oil companies in the world. The document also said that the payment by Reliance to Rosneft would also allow PDVSA to meet unspecified contractual obligations to Rosneft. The efforts to hide the Cuban governments hand in the offshore companies means that its officials, lawyers and other employees used as stand-ins could eventually become the effective beneficiaries of the shares in those companies. Wars, natural disasters and economic downturns have historically exposed children to the danger of trafficking and illegal adoption. 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. Billions of dollars have been siphoned off annually into political largesse and party war chests. A lawyer for Panamericana, Katiuska Peado Moreno, and a former commercial attach at the Cuban embassy in London, Alejandro Gutirrez Madrigal, are listed as the beneficiaries of shares in Miramar Investment Corporation Ltd. worth $50,000. It showed that fuel was of acceptable quality, when another test showed it was not. His register of interests says he currently earns 50,000 in the role, for about 11 days work a year. This was on top of his standard MP salary of nearly 82,000. The subsidiary subcontracted the deal to two private companies BB Energy, owned by the Bassatne family, and, beginning in 2017, Dubai-based ZR Energy DMCC, owned by Ibrahim Zaouk. The judge is the one who has the power to add to or drop the charges.. The development has had mixed reactions. They include Petrobras, Vitol, and Glencore Limited. The Cuban military is estimated to control at least 60 percent of the islands economy. LONDON, July 28 (Reuters) - Oil trading firm BB Energy has hired Jacques Erni as its new chief financial officer (CFO) starting Aug. 2 based in Dubai, the company said. Hayes, who was once described as the champion of the motorist during his time as a transport minister, also recently contributed to a report critical of the government's net-zero policies. (Credit: Philippe Hage Boutros/OLJ). We hope to welcome you among our subscribers. As Johnson announced Covid safety restrictions in March 2020, the government handed Randox a 133 million contract to manufacture Covid tests. The procedures may take a long time, particularly because the number of defendants is high. By Irina Slav - Sep 20, 2021, 9:30 AM CDT. The Mossack Fonseca documents nevertheless refer to Pescatlan as a Cuban company and do not identify the true owners of the company. Our experienced traders are situated in our offices throughout the globe; industry specialists who count gas, crude oil, light and middle distillates, as well as bitumen, as their specialities. Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region's best source of business information. BB Energy has trading hubs in the UAE, the U.K., the US, and Singapore. The justification of the Sonatrach executives for adopting this type of contract (Fronting), which is renewed every three years, was the position of the intermediary in the Lebanese market, in addition to his taking all the risks related to the deals. State-run Bangladesh Petroleum Corp., or BPC, has awarded the building contract to a consortium of Japan's Marubeni Corp., Vitol Asia Pte. The aftermath of the devastating earthquake in Turkey and Syria is no exception. They escaped after senior adviser Dominic Cummings showed there was one law for the rich and another for the rest. Standards commissioner Kathryn Stone has carried out three investigations into Johnson in the past three years. The company opened an office in Cuba, he explained, because he has been a resident of Havana like his wife and three children, all of them born in Cuba and Cuban citizens. Instead, investigations have revealed that at least two companies owned by Lebanese businessmen, BB Energy and ZR Energy, were bringing in the fuel. At the time of renewal of the contracts related to supplying the Lebanese market in December 2018, ZR Energy, owned by Teddy and Rimon Rahma, took a share of it for 3.75 USD/metric ton for Sonatrach, the thing which Tarek Fawal insisted on denying in his interview to the Lebanese newspaper al-Akhbar. A letter sent in 1998 by a Mossack Fonseca employee to the international trade office at state-run Petroecuador referred to documents sent by BB Naft required to register the company. A 2005 fax also points to an initial contact with the Venezuelan governments Petroleos de Venezuela (PDVSA). Successive . Translation by Joelle El Khoury. Starmer last week called on Johnson to answer, apologise and act over sleaze allegations. Link to this Report. The Public Prosecution in Mount Lebanon has triggered a heavy-caliber scandal, by arresting two dealers who were supposed to supply the Lebanese Electricity Company with Algerian fuel used in generating electricity. This is ostensibly because it was hard for the judiciary to find evidence linking ZR Energy DDMC and ZR Group Holding SAL, despite the testimonies collected by Mansour. This case points to the rampant corruption in the sector. Aguilar also has served as a deputy in the legislative National Assembly. The legal proceeding is not expected to be decided before next year. Mansour had initially leveled the same accusations against the Lebanese company ZR Group Holding SAL and issued an arrest warrant for its owner, Teddy Rahmeh, which was withdrawn after bail was posted. The Committee on Standards suggested Paterson should just be suspended from the Commons for 30 days. Surprisingly, the contract, long presented as a state-to-state agreement, was in fact signed with Sonatrachs offshore subsidiary, which is registered in the British Virgin Islands. The leaked documents also show that Guillermo Faustino Rodrguez Lpez-Calleja, brother of Gen. Luis Alberto Rodrguez Lpez-Calleja, was appointed in 1999 as a director of Pescatlan S.A., a company incorporated by Mossack Fonseca in the British Virgin Islands in 1991 with an initial capital of $50,000. Zaouk is connected to Rahmeh, however, through another company, ZR Energy SAL Offshore, of which Rahmeh is a majority stakeholder and which, along with Zaouk, has a share in ownership of the Lebanese firm Domaz Holding. Tainted fuel scandal: 22 people and entities to stand trial. MPs duly voted for it. All individuals involved in this initiative - including co-founders, advisory board members, and experts - are serving in their personal capacity. Rosneft would also make a profit by receiving an intermediation fee, the source and an internal PDVSA document said. But the stench of corruption was too much. Founded in Lebanon, BB Energy is one of the worlds leading independent energy trading companies, trading more than 33 million metric tonnes of oil every year. A Reuters news agency report shows that the mother company, BB Energy, was still sending petroleum to Syria in 2011. The BVI company was dissolved in 2015. In recent years, the company has become increasingly active in LPG and LNG. The arrangement would also allow the cash-strapped Venezuelan state company to receive faster payment, sometimes avoiding the usual 30-to-90 day timeframe for completing oil transactions. Following a scandal over the delivery of tainted fuel to the state-owned lectricit du Liban, 22 defendants will appear before the criminal court that upheld the charges, which include accepting bribes and forgery. Hayes declined to comment. Real-time updates and all local stories you want right in the palm of your hand. Somebody did and bedlam ensued. At times, however, the shield of anonymity over Cuban companies is not very effective. In view of the foregoing debate, were forced to return to the commercial relationship between Sonatrach and the Lebanese Ministry of Energy, and the pressure exercised by former Sonatrach CEO, Abdelmoumen Ould Kaddour, to adopt ZR Energy trading company as a second intermediary besides Baha Bassatne, as a supplier in the Algerian companys name; the thing that occurred a year and a half before opening the file. This article was originally published in French. Twice he was found in breach of the rules on declarations of benefits. But he was forced to U-turn to try and end the wave of sleaze allegations. Which groups shape the stories we see in the press; which voices are silenced, and why? Global Policy Forum, a non-government agency that monitors the work of the United Nations, also included BB Energy in a list of beneficiaries of the so-called oil bribes distributed by Saddam Hussein to recruit international support for weakening U.N. and other economic sanctions against Iraq. This evolutionary approach not only applies to our services, but also our people. A letter sent to the Panamanian law firm in 1997 requested assistance organizing a fishing operation in the Turks and Caicos Islands with Cuban-flagged fishing boats.. Still, the Office of Foreign Assets Control (OFAC), which enforces sanctions, has given no indications it would take that route. After the Reuters story ran, Rosneft strongly denied the report, describing it as a blatant lie and a provocation against Rosneft. And the cosy dinners, the freebie trips and holidays, the football match tickets and the fat extra salaries to deliver for corporations must all go. The internal PDVSA document reviewed by Reuters showed the Venezuelan state oil firm asked Reliance to pay for oil sales under the long-term contract via Rosneft Trading SA, the Geneva-based trading unit of the Russian oil giant. The Russian oil scheme appears to have been affected by the agreement between Cuba and Venezuela to exchange oil for medical services, and BB Naft expanded its work in Cuba in 2007 to include the sale of spare parts and batteries for autos and trucks, work boots, farm machinery, hardware for USD 5.3 million.. Socialist Worker (unless otherwise stated). Their combined donation amounts to a total of 54 million. After they didn't show up for questioning, reports suggested Hleiss and Rahme were being protected by Marada Movement leader Sleiman Frangieh. The deal between the Lebanese and Algerian governments was to provide the Lebanese market mainly with heavy fuel oil to meet the needs of power plants, a fuel that Algeria does not produce in sufficient quantities, as the Algerian oil Saharan Blend is known for being a light crude type. Public debt could rise to 289% of GDP by the end of the century if climate change is left unchecked, it said. BB Energy places emphasis on environmental protection as well as health and safety, particularly regarding oil-related storage activities. Johnson even survived revelations that he would rather let the bodies pile high than push forward plans for a third lockdown. Multimillionaire donors seem almost guaranteed a peerage, according to a report by the Open Democracy thinktank and the Times newspaper. Edif. The upgrade of the Number 10 flat is now expected to be the subject of another inquiry. Responding to Reuters story, Reliance strongly denied making any payments via third parties to PDVSA. 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