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Commodities trading giant Glencore says it expects to resolve bribery and corruption investigations in the US, the UK and Brazil this year and has set aside $1.5 billion as its "best estimate" of the required costs. Glencore delivered the news on Tuesday along with stellar financial results for 2021, with adjusted earnings before interest, tax, depreciation and amortization rising 84% versus 2020 to $21.3 billion. The company’s marketing (trading) activities — as opposed to its production and processing activities — saw operating profits rise 11% to $3.7 billion. That increase was achieved even though the volume of oil the company traded fell below 4 million b/d for the first time in several years. Commenting on the anticipated settlement of investigations against Glencore, CEO Gary Nagle acknowledged there had been cases of "misconduct" in the past, but he stressed that the company was changing its culture and was keen to move on. "We want to complete these investigations, put a line under that and move forward," he told reporters in London. The investigations have cast a shadow over Glencore, which has been cooperating with authorities in multiple jurisdictions to resolve them.

Oil Trade, Trade, Military Conflict
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