El Paso To Pay $7.7M To Settle Oil-For-Food Charges

Law360, New York (February 7, 2007, 12:00 AM EST) -- Natural gas provider El Paso Corp. will shell out $7.7 million to settle civil and criminal charges that it indirectly paid nearly $5.5 million in illegal surcharges to Iraq in connection with its purchases of crude oil from third parties under the United Nations’ Oil for Food program.

The U.S. Securities and Exchange Commission on Wednesday said that between June 2001 and June 2002, the Texas-based energy company purchased some 21.4 million barrels of Iraqi crude oil under 15 contracts from third parties that participated in...
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