Venezuelan officials, others charged with laundering $1.2 billion in oil funds

collected by :Frank Ithan

Venezuelan President Nicolás Maduro waves before delivering his annual message to the nation in Caracas on Jan. 21, 2015. FEDERICO PARRA AFP/Getty Images

How oil company Glencore lost Sh4 billion appeal

A decade-long battle between the Kenya Pipeline Company (KPC) and London-based Glencore Energy over Sh4 billion compensation came to an end in a recent decision after the Supreme Court declined to hear the case. AdvertisementA decade-long battle between the Kenya Pipeline Company (KPC) and London-based Glencore Energy over Sh4 billion compensation came to an end in a recent decision after the Supreme Court declined to hear the case. After hearing the case, the High Court found KPC at fault and ordered the corporation to pay Sh4 billion. The firm then sought to move to the Supreme Court but the application was rejected by the Court of Appeal. Not satisfied, it moved to the Supreme Court directly, seeking to be heard.

Mexico president-elect: $16 billion to boost oil output

as declared in Mexico's president-elect announced a $16 billion investment plan Friday to boost flagging oil production, refinery capacity and electrical generation. Andres Manuel Lopez Obrador said the country must act "urgently" to reverse a decline that saw crude output drop to 1.88 million barrels per day in the first half of 2018, down from 3.4 million barrels per day in 2005. State-owned oil company Pemex on Friday reported on a 163 billion peso ($8.7 billion) net loss for the second-quarter. Lopez Obrador, who will take office on Dec. 1, named Octavio Romero, an agronomist, to head the state-owned oil company Petroleos Mexicanos. In announcing the plan, the president-elect added that the office work he has been doing since his victory in the July 1 elections was not his thing.