IOC Probes 15-Year-Old Bribery Allegations by US Firm

23 Dec 2024 CW Team

State-owned Indian Oil Corporation (IOC) has launched an internal investigation into allegations that US-based Albemarle Corporation bribed its officials 15 years ago to secure contracts. According to a US Securities and Exchange Commission (SEC) order dated September 28, 2023, Albemarle allegedly paid approximately $1.14 million to an Indian intermediary and earned $11.14 million in profits between 2009 and 2011.

While IOC stated it is not a party to the US SEC proceedings, it has initiated a fact-finding review to understand the allegations and ensure appropriate action. The company emphasized its commitment to high standards of governance, transparency, and regulatory compliance.

Albemarle, a global specialty chemicals supplier, settled the case in 2023 by paying a $198 million fine to US authorities. The SEC report detailed that Albemarle engaged an Indian agent despite internal warnings of potential violations of the Foreign Corrupt Practices Act (FCPA). The agent allegedly bribed senior IOC officials to avoid sanctions and secure contracts.

IOC, which operates 10 out of India’s 22 refineries with a combined capacity of 80.8 million tonnes annually, reassured stakeholders of its law-abiding practices. The company controls 40% of India’s fuel market.

The SEC order revealed that the Indian agent received a commission three times higher than Albemarle’s standard rates, facilitating corrupt payments to IOC officials and private customers. The arrangement enabled Albemarle to retain sensitive information and secure contracts in India, Indonesia, and Vietnam, resulting in corrupt dealings worth over $63.5 million globally.

IOC’s internal review aims to reinforce its commitment to ethical practices while shedding light on these long-standing allegations.

Infrastructure Urban

07 Nov 2025

Piyush Goyal Boosts India–New Zealand Trade Ties

Union Minister of Commerce and Industry, Shri Piyush Goyal, is on an official visit to New Zealand to strengthen bilateral economic and trade relations between the two nations. The fourth round of India–New Zealand Free Trade Agreement (FTA) negotiations is currently underway in Auckland from 3 to 7 November 2025. At the India–New Zealand Business Forum, organised by the Auckland Business Chamber, Shri Goyal joined Hon. Todd McClay, Minister for Trade of New Zealand, for a Fireside Chat moderated by Mr Simon Bridges, CEO of the Auckland Business Chamber. Opening the session, Shri Goyal r..

India, Romania Strengthen Trade and Industry Cooperation

Minister of State for Commerce and Industry, Shri Jitin Prasada, led the Indian business delegation at the India–Romania Business Forum, organised by the Chamber of Commerce and Industry of Bra?ov (CCIBv) in partnership with the Embassy of India in Bucharest and the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India. The engagement focused on expanding bilateral investment and industrial cooperation between the two countries, bringing together business leaders from key sectors such as automotive, aerospace, defence, renewable energy, engineering services, a..

Maritime Security Seminar Strengthens Indian Ocean Cooperation

The Maritime Security Seminar, held as part of the Maritime Information Sharing Workshop (MISW) 25, concluded on 4 November 2025. The three-day workshop, themed “Enhancing Real-Time Coordination and Information Sharing Across the Indian Ocean Region,” is being hosted by the Information Fusion Centre – Indian Ocean Region (IFC–IOR) and has brought together over 57 participants from 30 countries, including representatives from the Indian Ocean Rim Association (IORA), Djibouti Code of Conduct/Jeddah Amendment (DCoC/JA), and the Bay of Bengal Initiative for Multi-Sectoral Technical and Eco..