Oil and gas companies

Petrofac co-founder is accused posthumously of paying bribes | Business – Business Article

The co-founder of the oil company Petrofac has been posthumously accused of taking part in a scheme to pay multi-million dollar bribes to secure contracts. The Serious Fraud Office’s allegations against Maroun Semaan, who died two years ago have been revealed in charges laid before a court. The multinational’s other co-founder is Ayman Asfari, a major financial backer of the Conservatives. Together with his wife, Asfari has donated almost £800,000 to the party since 2009. Currently the firm’s owner and…

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British taxpayers face £24bn bill for tax relief to oil and gas firms | Business – Business Article

British taxpayers face a £24bn bill for tax relief awarded to oil and gas companies removing hundreds of North Sea wells, rigs and pipelines, the UK public spending watchdog has said. The National Audit Office (NAO) said the figure would climb if companies collapse and are unable to pay for cleaning up their operations, leaving the government to pick up the tab. The industry has contributed more than £300bn in tax revenues to the Treasury since the 1960s. North Sea…

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