Statement from Coral Energy Addressing Inaccuracies in Le Monde

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Oct 30, 2024, 15:11 ET

DUBAI, UAE, Oct. 30, 2024 /PRNewswire/ -- Coral Energy strongly refutes the inaccuracies and misleading claims published in Le Monde's recent article. The article fails to account for Coral's rigorous compliance framework, management buyout, exit from the Russian market and adherence to U.S. and European Union sanctions, including all measures set forth by OFAC and the G7 Russian Oil Price Cap Coalition.

Coral Energy began winding down all business involving Russian-origin suppliers in 2022. Additionally, the article makes false claims regarding Etibar Eyyub, who departed from the company in 2022, and Tahir Garayev, who fully divested his shares in Coral in 2024. Following their departures, Coral has had no business association with either individual, a fact that has been made publicly available.

The company has prioritized transparency, ethical governance, and compliance, working closely with regulators to establish trust and ensure all trading practices meet the latest international sanctions requirements. Coral also employs robust know-your-customer (KYC) and counterparty screening, automated compliance tools, and third-party audits to enforce adherence to the highest standards of operational integrity.

Specifically, Le Monde has libelously referenced transactions related to Russian-origin naphtha that supposedly breach price caps and regulations. These claims are categorically false. Coral's naphtha transactions have strictly conformed to sanctioned customs codes, such as CN Code "271012.90," which is subject to the European cap of $100 per barrel. Any product classified under this CN Code falls within the sanctioned price threshold and adheres to all applicable regulations under the EU's Combined Nomenclature classification.

Coral Energy reserves all legal rights to address and seek remedy for these false and damaging claims published by Le Monde.

Le Monde's assertion disregards Coral's clear and documented exit from the Russian market, which included terminating all Russian-sourced contracts and asset disposals associated with Russian trading. Additionally, any insinuations of hidden or deceptive corporate structures are wholly misleading. Coral Energy maintains an organizational transparency policy that complies with the corporate governance standards of every jurisdiction it operates. Furthermore, Coral's collaboration with industry-leading compliance experts underscores the company's dedication to transparent and responsible business practices.

Coral Energy welcomes discussions with regulatory authorities, consistently validating the company's proactive compliance and open approach to sanctions adherence. We invite Le Monde to correct its inaccuracies and urge it to engage with factual data rather than perpetuating unverified claims. Coral will continue its unwavering commitment to ethical energy trading and maintaining trust with global partners and regulators.

SOURCE Coral Energy