U.S. SANCTIONS: SCHLUMBERGER NOW
The U.S. Department of Justice and the Commerce Department said Wednesday a unit of Paris-based Schlumberger Ltd. has agreed to plead guilty and pay a $232.7 million penalty for conspiracy to violate trade sanctions with Iran and Sudan.
Schlumberger Oilfield Holdings will plead guilty to conspiring to violate the International Emergency Economic Powers Act. Executive orders under the law ban most trade with Iran and Sudan.
A Sugar Land, Texas-based subsidiary of Schlumberger Ltd. called Drilling and Measurements provided oilfield services for Iran and Sudan through overseas subsidiaries of Schlumberger Oilfield Holdings from early 2004 through June 2010.
D&M personnel outside the United States often sent emails to a U.S.-based D&M manager justifying requests for services in Iran and Sudan, the DOJ said.
The emails used code names, referring to Iran as "Northern Gulf" and Sudan as "Southern Egypt" or "South Egypt."
When work orders for Iran and Sudan were entered into the D&M computer system, numerical codes for non-embargoed countries were used to disguise the true locations.
"These efforts were deliberately taken and demonstrate the company's involvement in contriving ways intended to evade restrictions imposed by U.S. sanctions," the DOJ said.
The plea agreement (pdf) still needs federal court approval.
Schlumberger Oilfield Holdings, a wholly-owned subsidiary of parent Schlumberger Ltd., will pay the full $232.7 million penalty and have a three-year period of corporate probation. The BVI-incorporated company has offices in Paris, Houston, and the Hague.
The penalty includes a $77.5 million criminal forfeiture and a $155 million criminal fine. It's the biggest criminal fine in connection with a prosecution under the International Emergency Economic Powers Act.
Parent company Schlumberger Ltd. agreed to continue cooperating with the Justice Department and other agencies during the three-year probation. It also agreed to hire an independent consultant to review company-wide internal sanctions policies and compliance audits.
In 2009, Schlumberger agreed to stop taking new oilfield service contracts in Iran. Two years later, the company voluntarily stopped providing any oilfield services in Iran and the Republic of the Sudan (North Sudan).
Schlumberger Limited trades on the NYSE under the symbol SLB. It has about 120,000 employees worldwide.
|February, 16, 23:45:00|
|February, 16, 23:40:00|
|February, 16, 23:35:00|
|February, 16, 23:30:00|
|February, 16, 23:25:00|
|February, 16, 23:20:00|
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.