GlaxoSmithKline in $105m settlement

Updated 05 June 2014
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GlaxoSmithKline in $105m settlement

SAN FRANCISCO: GlaxoSmithKline, Britain’s largest drug maker, will pay $105 million to settle claims from California, New York and more than 40 other states that it illegally promoted asthma and antidepressant drugs.
Glaxo will be prohibited under the accord from providing incentive payments to salespeople that encourage off-label drug uses, and from using paid doctors to promote its products.
The agreement, announced by California Attorney General Kamala Harris, covers the asthma drug Advair and two antidepressant drugs, Paxil and Wellbutrin. California’s portion of the settlement, the largest of any state, is $7.1 million, Harris said in a statement.
Announcement of the accord comes about a week after Glaxo said it faces a criminal probe in Britain after allegations in China that its employees bribed doctors, hospitals and medical associations to boost sales. Allegations also have surfaced of wrongdoing by company employees in Iraq, Poland, Jordan and Lebanon.
The Justice Department began looking in 2010 into whether Glaxo and other drugmakers violated a US law against bribing officials in foreign countries.
Legal documents describing the attorneys general settlement will be filed in state court in San Diego, according to Harris’s statement. London-based Glaxo violated Califor-nia consumer protection laws by misrepresenting the uses and qualities of certain drugs, according to Harris.
The settlement requires GlaxoSmithKline to “pay a significant penalty and imposes strong new rules designed to prevent future misrepresentations,” Harris said.
States participating in the settlement include Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.
The District of Columbia is also part of the agreement.


BP and SOCAR sign new Azeri oil deal

Updated 19 April 2019
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BP and SOCAR sign new Azeri oil deal

  • The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day
  • BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017

BAKU: Oil major BP and Azerbaijan’s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation’s three major oilfields, BP-Azerbaijan said in a statement.
The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day and cost $6 billion to build, the company said.
The project is one of the biggest upstream investment decisions to have been signed in Azerbaijan so far this year.
The ACG fields, which to date have produced around 3.5 billion barrels of oil, are estimated to have the potential to yield another 3 billion barrels.
BP’s main aim now would be to maximize the extraction of remaining reserves, Robert Morris, senior analyst at Wood Mackenzie, said in a statement.
“ACE is central to those plans, adding 100,000 barrels per day of production at peak in the mid-2020s,” he said.
BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017.
Separately, SOCAR and its partners at the BP-led ACG consortium plan to participate in a tender to acquire stakes being sold by two of its members, ExxonMobil and Chevron.
SOCAR President Rovnag Abdullayev made the announcement to reporters following a meeting of senior SOCAR figures on Friday.