SHARE
COPY LINK

OIL

Swiss Transocean posts $71 million loss

Swiss offshore drilling group Transocean on Wednesday posted a $71 million loss in the third quarter.

The loss compared with a net profit of $368 million posted in the third quarter in 2010.

Transocean owned the Deepwater Horizon rig, leased by British energy giant BP, which exploded on April 20, 2010, killing 11 workers and causing millions of gallons of oil to pour into the Gulf of Mexico.

BP has sued Transocean for damages of $40 billion over the disaster and Transocean in turn, has counter-sued.

In April, the US Coast Guard slammed Transocean’s “poor safety culture” in a report.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

OIL

Swiss firm plundered Congo oil rents: NGO

An NGO has accused a Swiss trading firm of misappropriating oil rents from the Republic of the Congo thanks to an exclusive contract with a refinery managed by the son of the African state's leader.

A source at the president's office in Brazzaville, who asked to remain anonymous, slammed the report as "an unprecedented intrusion into Congolese affairs."
   
The Berne Declaration, known for probes into corruption among African leaders, claims that Philia — a Swiss trading firm owned by one shareholder — signed a contract with the Republic of the Congo's state-owned refinery Coraf in 2013 to export oil products.
   
The contract was not obtained via a public tender process, according to the NGO.
   
Coraf, the nation's only oil refinery, is managed by Denis Christel Sassou Nguesso, the son of the oil-rich country's president, Denis Sassou Nguesso.
   
"Coraf provided the Geneva-based trader with free credit and, in doing so, enabled it to bypass the compliance procedures that trade finance banks typically conducted before allocating credit," the non-governmental group said in a statement earlier this week.
   
"By immediately re-selling its cargoes to third parties, including other Swiss traders, Philia acted as a pure intermediary between Coraf and the
international markets.
   
"Philia therefore pocketed substantial profits for zero logistical effort."
   
The Republic of the Congo is among the top oil producers in sub-Saharan Africa, and its economy is heavily dependent on its petrol exports.
   
But the country remains riddled with poverty.
   
The Berne Declaration —which said its claims were based on exclusive documents it obtained — alleges that the refinery is "a true financial abyss for the Congolese Treasury."
   
"For three years, the state has not received a single penny in exchange for the oil it allocates to the refinery," it says.
   
The source at the Congolese presidency voiced outrage at the allegations.
   
"Sooner or later, we will responde to give the true version of the facts," the source told AFP.

SHOW COMMENTS