Oil

Landmark Decision: Citgo Wins $49 Million in Insurance Dispute over Confiscated Venezuelan Oil

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Houston, Texas – A US jury recently awarded Citgo $49 million in an insurance dispute over Venezuelan oil that was seized by the government. The ruling comes as a significant victory for the oil company, providing some relief in the ongoing legal battle. The dispute began in 2017 when Citgo’s parent company, PDVSA, used the oil as collateral for a loan from Russian bank Rosneft. However, the US government imposed sanctions on Venezuela, effectively blocking the transfer of the oil, which was stored in Curacao at the time. As a result, Citgo turned to its … Read more

Lloyd’s Underwriters Ordered to Pay Citgo Over $49 Million for Lost Oil Cargo Amid Political Turmoil in Venezuela

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NEW YORK – Lloyd’s underwriters and other insurers have been ordered to pay Citgo Petroleum Corp. more than $49 million to compensate for the loss of oil cargo during political unrest in Venezuela. The decision was made by a federal jury in New York. The dispute arose from the theft of oil cargo from a Citgo facility in Venezuela during a period of political turmoil in the country. Citgo argued that the insurers were liable under its policy for the lost cargo. The insurers, however, contended that the theft was not covered by the policy. … Read more

Former Vitol Oil Trader’s Counsel Reveals Shocking Details in Bribery Case Alleging $500 Million Fraud

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NEW YORK, N.Y. – A former Vitol oil trader is facing charges of allegedly funneling bribes to officials in Mexico and Ecuador in order to secure more than $500 million in state contracts. The accused individual appeared in a New York federal court on Friday, where their counsel argued against the charges. The prosecution claims that the former Vitol oil trader participated in a scheme to bribe officials in Mexico and Ecuador in exchange for lucrative state contracts. The alleged bribes totaled over $500 million. The case has drawn attention due to the scale of … Read more

Former Vitol Oil Trader Allegedly Orchestrated Bribery Scheme in Houston, Unveils Prosecutors

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HOUSTON (AP) — A former oil trader at Vitol has been accused of running a bribery scheme from Houston, according to prosecutors. The trader, who was identified as Anthony Stimler, allegedly paid bribes to officials in Brazil, Ecuador, and Mexico to secure oil trading deals. Court documents reveal that Stimler used intermediaries to funnel over $8 million in bribes to government officials. The bribes were disguised as payments for consulting services or charitable donations. The scheme reportedly lasted from 2015 to 2020. Prosecutors claim that Stimler’s actions violated the Foreign Corrupt Practices Act, which prohibits … Read more