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On today’s episode, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Cop28 President-designate, calls for a major boost to public and private finance to help Africa battle climate change and UAE astronaut Sultan Al Neyadi – who celebrated his birthday orbiting Earth on Tuesday – told his hometown Al Ain that he is missing his mother's cooking and loved ones, during a live call from the International Space Station.
Jordan and Iraq have agreed to ease visa procedures and resume Iraqi oil flows to the kingdom, while negotiations to avert a US debt default look set to go to the wire, with talks resuming next Tuesday after President Joe Biden and the Republican Speaker of the House failed to reach agreement ahead of a June 1 deadline.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
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