November 2018

Vitol has a zero tolerance policy in respect of bribery and corruption. Its business is managed in full compliance with all relevant legislation. Vitol was contacted in September 2018 by Global Witness and has since liaised extensively with it. The Global Witness report contains no evidence of any wrongdoing by Vitol.

In respect of Cockett: The arrangements in question were made three years prior to Vitol’s investment in Cockett in July 2012. Cockett cooperated fully with the Brazilian authorities in 2015 and no charges of bribery have been brought. Cockett understands the matter to be closed.

In respect of Encom: Vitol believes its dealings with, Mr Ljungberg, Encom Trading SA and Petrobras to be fully compliant with all relevant legislation. Appropriate due diligence was carried out prior to Encom’s appointment in 2011. At this time, there was no information linking Mr Ljungberg with any of the alleged conduct referred to in the Global Witness report or anything else to suggest he may have been involved in criminal activity.