- July 16, 2021
- Posted by: Stratford Team
- Category: Business
MEXICO CITY/LONDON, July 15 (Reuters) – The commercial arm of Mexican state oil company Petroleos Mexicanos (Pemex) has temporarily banned new business with Trafigura AG, according to a document and a source, as investigations into the energy trader’s conduct in several countries deepen.
The world’s largest independent commodity traders are facing scrutiny globally for alleged corruption after years of investigations into bribes of public officials in several countries in Latin America.
Pemex (PEMX.UL) and other state oil companies have become wary of doing business with merchants, which include Trafigura (TRAFGF.UL) and rival Vitol (VITOLV.UL).
Earlier this month, PMI Comercio International suspended new deals with Trafigura and its subsidiaries until further notice, according to company communication seen by Reuters. The document did not state a reason for the ban.
Mexico is the world’s fourth-largest importer of refined oil products and a prominent…