Transocean -- the supplier of deepwater rigs in India to companies such as ONGC and RIL -- is currently embroiled in a corruption scandal in Brazil.
8The top brass of Brazilian national oil company, Petrobras, has admitted that payments have been paid by Transocean to one of them for a drilling contract.
8The admission was made before Brazalian authorities which are investigating the corruption charge.
8Petrobras claims that the payments were made despite the fact that no favour was shown to Transocean as it was already qualified for the contract.
8Transocean claims that it has been following transparent procedures in all its contracts and it is willing to cooperate with authorities in their investigation.
8Multinational has not identified any wrongdoing by any employee or any of its agents in connection with the company's business.
8Comment: It is necessary to take large corporates such as Transocean to task if they have violated corruption laws in Brazil. Authorities in India too must carefully scan all the transactions entered into by oil and gas companies with Transocean to see that they were done with transparency and fairness. The multinational has supplied rigs with rates running into thousands of crores of rupees in India.
For more details visit indianpetroplus.com
8The top brass of Brazilian national oil company, Petrobras, has admitted that payments have been paid by Transocean to one of them for a drilling contract.
8The admission was made before Brazalian authorities which are investigating the corruption charge.
8Petrobras claims that the payments were made despite the fact that no favour was shown to Transocean as it was already qualified for the contract.
8Transocean claims that it has been following transparent procedures in all its contracts and it is willing to cooperate with authorities in their investigation.
8Multinational has not identified any wrongdoing by any employee or any of its agents in connection with the company's business.
8Comment: It is necessary to take large corporates such as Transocean to task if they have violated corruption laws in Brazil. Authorities in India too must carefully scan all the transactions entered into by oil and gas companies with Transocean to see that they were done with transparency and fairness. The multinational has supplied rigs with rates running into thousands of crores of rupees in India.
For more details visit indianpetroplus.com
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