Tenaris settles Petrobras bribery probe

Tenaris settles Petrobras bribery probe

Economy & Policy Regulation Energy Pipelines Oil Gas United States Brazil Argentina Italy

Tenaris, a producer of pipes for the energy industry, has agreed to pay $78 million to settle a bribery investigation by the US Securities and Exchange Commission (SEC) involving Brazil's state-owned oil company Petrobras. The SEC was investigating allegations that employees and agents of Tenaris' Brazilian subsidiary Confab Industrial paid bribes to win contracts from Petrobras between 2008 and 2013, the US regulator said in a statement. "Tenaris failed for many years to implement sufficient in

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