Trafigura Says Not Party to Storage Contracts in Petrobras Probe

Trafigura Group distanced itself from a board member arrested in Brazil over allegations of involvement in bribery and money laundering at state-run oil company Petroleo Brasileiro SA, saying the contracts at the heart of the case didn’t involve the commodity-trading house.

The “substantive allegations” made by Brazil’s public prosecutor against management board member Mariano Marcondes Ferraz “relate to certain storage contracts entered into between Petrobras and Decal do Brasil at the Porto de Suape,” Trafigura wrote in a letter sent to its banking partners on Nov. 2. Ferraz was a founding partner of storage and bunkering firm Decal and retains an equity interest in the company, Trafigura said in the letter seen by Bloomberg News.

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