TIMES.KY

Cayman Islands, Caribbeanand International News
Thursday, Feb 02, 2023

A bribe is a bribe, even if officially it isn't : Priti Patel accepts £100,000 donation from firm run by oil trader who profit from the sanctions against Russia

A bribe is a bribe, even if officially it isn't : Priti Patel accepts £100,000 donation from firm run by oil trader who profit from the sanctions against Russia

Hedge fund manager Pierre Andurand is not believed to have made a political donation before. However, what looks like a bribe, smells like a bribe, walks like a bribe and barks like a bribe, is in England a… “donation”.
Priti Patel has accepted a £100,000 donation from a company run by one of the world’s most prominent oil traders.

A new entry in the home secretary’s members’ interests register shows that she received the funds from Andurand Ventures Ltd. This company is run by Pierre Andurand, a leading oil trader.

The hedge fund manager made headlines during 2020 when he successfully predicted that oil prices would hit negative numbers, making significant profits by doing so. He then predicted that oil prices would rocket at the beginning of this year, again profiting.

Andurand runs Andurand Capital Management, which describes itself as “a private fund management company in fundamental commodity strategies with a specialisation in the oil and energy complex”.

This is believed to be his first political donation. While he trades in oil, he also has a clean energy fund, and the company he runs supports net zero.

Andurand, 45, started his career in 2000 as an energy trader for Goldman Sachs in Singapore, then held senior trading roles at Bank of America and Vitol before starting his hedge fund.

While his company says it is “a strong supporter of the world’s energy transition away from fossil fuels”, Andurand plans to continue investing in oil in the coming years.

He recently said: “We think that oil demand will peak around 2027, then be stable for a few years. and then decline relatively fast in the 2030s.

“It will create opportunities in oil trading. For us, it will also create opportunities in energy transition – not just oil – but also natural gas, power, emissions and … copper and nickel that will benefit from more electrification.”

Andurand has been vocal about the Russian war on Ukraine, and called for Europe to impose sanctions on Russian hydrocarbons in order to help bring it to a close.

Tessa Khan, director of the campaign group Uplift, said: “That the Conservative party is accepting donations from people profiting from the energy crisis is sadly unsurprising.

“It has consistently aligned itself with oil and gas interests. It is refusing to put a windfall tax on profits and is contemplating allowing new oil and gas developments, which will do nothing to lower our energy bills, but will allow fossil fuel interests to carry on profiting from the North Sea.

“The risk is that decisions are being skewed by a flow of money to Conservative politicians from oil and gas interests.”

A spokesperson for Patel said: “All donations are declared in the usual and proper way.” Andurand declined to comment.
Newsletter

Related Articles

TIMES.KY
Close
0:00
0:00
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
If a country is denied the right to independence by another, it is not in a union. It is in a dictatorship.
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
British PM Rishi Sunak pledges further action on strikes to 'protect lives'
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Double standards: UK lawmakers attack EU chief over Ireland claims
×