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Chevron Pays $30mln to Settle Oil-for-food Crimes

Chevron Corp. has agreed to pay $30 million to resolve criminal and civil liabilities

Chevron Corp. has agreed to pay $30 million to resolve criminal and civil liabilities related to procurement of oil under the UN oil-for-food programme, US prosecutors said.

Chevron obtained Iraqi oil under the programme from third parties that paid secret, illegal surcharges to the former government of Iraq, the prosecutors said on Wednesday.

The US Securities and Exchange Commission (SEC) said Chevron agreed to the settlement brought under the Foreign Corrupt Practices Act without admitting or denying the allegations.

Chevron will not be prosecuted and will continue to co-operate with investigators, prosecutors said.

The deal will see Chevron, the second biggest oil company in the US, pay $25 million in profits and a $3 million civil penalty.