Oil Daily | IOC Probes Alleged Albemarle Bribes Amid $103M Settlement Over Catalyst Contracts

【Company News】

Indian Oil Corporation (IOC) is conducting an internal investigation regarding alleged bribes paid by Albemarle to IOC officials over a decade ago to secure contracts. Although IOC is not directly implicated, the company aims to understand the allegations and determine necessary actions. Albemarle paid over $103 million to settle related charges by the SEC and DOJ. The alleged bribery involved retaining catalyst business in India, Vietnam, and Indonesia from 2009 to 2017, resulting in significant profits for Albemarle. The company's voluntary disclosure and remediation efforts have been viewed positively by U.S. authorities.

【Industry News】

Leonhard Birnbaum, president of Eurelectric, emphasized the need to lower electricity taxes to boost European energy-intensive industries' competitiveness. EU power prices are significantly higher than in the United States, affecting sectors like aluminum and steel. Birnbaum suggested that governments should balance electricity taxes with other energy sources to support electrification. Proposals to ease industry pressures include equalizing electricity taxes and encouraging long-term investments. A well-functioning market with reduced electricity taxes is seen as beneficial for immediate implementation.

【Oil-Producing Countries Dynamics】

Russia aims to maintain its stature as a major nuclear plant builder globally, with projects in various countries including China, India, and Turkey. While the West seeks to reduce dependency on Russian nuclear fuel, additional sanctions and incentives might be necessary to achieve this. French firm Orano highlighted the need for long-term contracts to support investment in alternative nuclear fuel supplies, given Europe's reliance on Russian nuclear technology and fuel.