Well known international oil companies used traders to distance themselves from the illegal surcharges being paid under the United Nations oil-for-food deal in Iraq, the final Volcker report has concluded.

But only one major oil company was shamed by the 623-page report: Texaco, part of Chevron, the US’s second largest energy group. BP of the UK, Anglo/Dutch Royal Dutch Shell, Total, of France, and Spain’s Repsol were all named as examples of “established oil companies” involved in the oil-for-food programme before surcharges began in 2001.