Page 15 - FSUOGM Week 12 2021

FSUOGM NEWS IN BRIEF FSUOGM

Scotland’s WGPSN to pay Service (COPFS) in May 2017. WGPSN then SOCAR eyes $100mn LNG
submitted in September 2019 a formal report
£6.46mn after self-reporting under the self-reporting initiative. terminal in Sri Lanka
COPFS referred the case to the Civil
bribery in Kazakhstan Recovery Unit for investigation. Wood Azerbaijan's SOCAR this week said the
and WGPSN were said to have shown full
company expects to join Sri Lanka’s
The Civil Recovery Unit in Scotland cooperation with the investigation. As a upcoming LNG development programme by
is to recover £6.46mn under proceeds result, WGPSN has agreed to pay £6,465,564, partnering with the Pearl Energy project.
of crime legislation after an Aberdeen, representing retained profits and dividends After successfully rolling out a LNG-to-
Scotland-based company, Wood Group from the two contracts. power project in Malta, the Geneva-based
PSN (WGPSN), admitted it had benefited Wood and WGSPN say they have also company said that Sri Lanka is its next stop.
from unlawful conduct. This involved taken measures to implement policies and It plans to develop LNG capabilities at
one of its subsidiaries, PSNA Limited, training to prevent similar events taking the Hambantota Port by partnering with
making illicit gains from payments made to place in the future. the Pearl Energy project, where the LNG
Monaco-based Unaoil to secure contracts in “Bribery and corruption undermine would then be transported by road to power
Kazakhstan. legitimate business and harm economic producers. The bigger goal is to build a
The ultimate holding company of development. Companies are responsible for power plant at the port, the company said.
WGPSN is John Wood Group PLC ensuring they do not allow their employees In mid-August 2020 Sri Lanka’s Board
(Wood). The payments to Unaoil were or contractors to secure any commercial of Investment (BOI) inked an agreement
carried out in connection with three advantage through bribery,” Lord Advocate with Pearl Energy (Pvt) Ltd. to launch the
contract tenders to provide services for the of Scotland James Wolffe QC, the senior ‘Hambantota LNG Hub’, a floating storage LNG
maintenance and operation of offshore and Scottish law officer, said. “COPFS and the trading facility at the Port of Hambantota.
onshore chemical, petrochemical, oil and Civil Recovery Unit are committed to taking According to international media,
gas facilities in Kazakhstan—two of the effective steps to ensure businesses face up SOCAR has firmed up a deal with Chinese
tenders were successful. PSNA entered into to their responsibilities and relinquish any port operators of Hambantota Port and
the successful contracts in 2008 and 2010 unlawfully obtained profits. Any companies Gulf state partners to set up a small-scale
via a joint venture in which PSNA held an who uncover any instances of bribery should LNG trading hub terminal.The terminal
interest. Approximately $8.74mn in local notify the Crown Office as soon as possible,” construction could cost around US$ 100
currency equivalent was paid between he noted. million, the company said.
2012 and August 2015 by the joint venture “The self-reporting initiative allows In addition to Sri Lanka, SOCAR is
to Unaoil. There was, however, limited for responsible companies to accept their also exploring opportunities in several
evidence of legitimate services having been involvement in corrupt practices and to draw African countries, including Senegal and
provided. a line under previous conduct.” Anne-louise Mozambique, and Kocharli.
The contracts were entered into prior to House, head of the Civil Recovery Unit, A company representative was quoted in
the PSN business being acquired by John said. “In appropriate circumstances such as international media stating that they would
Wood Group and the potential misconduct this, it gives them the opportunity to repay participate in an upcoming tender to set
came to light in March 2016, with media the illegitimate profits in lieu of criminal up LNG capabilities at the Coega special
reports revealing widespread corruption by proceedings. economic zone in South Africa.
Unaoil oil and gas consultants. “The funds which have been recovered In 2020, SOCAR traded four million
The reports said Unaoil had worked with will be remitted to the Scottish Consolidated tonnes of LNG, and hopes to reach 10
WGPSN in Kazakhstan. Fund,” she added.. million tonnes by 2025. It also plans to join
Wood conducted an internal investigation the fray with a new carbon division including
and submitted the results of the investigation trading and business development.
to the Crown Office and Procurator Fiscal

Week 12 24•March•2021 www. NEWSBASE .com P15