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Pemex Suspends Business With Vitol After Bribery Settlement

  • Order said to have come from head of Pemex’s trading arm
  • Vitol previously agreed to pay $160 million to settle charges
Tour Of  The VTTV Oil Storage Terminal In Vasiliko

Photographer: Andrew Caballero-Reynolds/Bloomberg

Updated on

Vitol Inc. was suspended from doing business with Mexico’s state oil company after the world’s biggest independent oil trader paid just over $160 million to settle charges that it conspired to pay bribes in Latin America.

The trading arm of Pemex, as Petroleos Mexicanos is known, is imposing an informal temporary ban on doing business with Vitol, according to people with knowledge of the situation.