Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

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.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
×