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Ecuador Political News

The US investigates the first case of bribery in Petroecuador for presale of Fuel Oil that ended up in the hands of Vitol Inc.


The new case of corruption in Petroecuador, revealed by the US justice, refers to a single contract in which Pedro Merizalde and Nielsen Arias represented the state oil company. The first as general manager and the second as foreign trade manager. The 2016-949 contract was signed on December 6, 2016 with Oman Trading International Limited (OTI), but it is the multinational Vitol Inc. that has admitted in the United States that it paid bribes to Ecuadorian officials and intermediaries for this oil pre-sale.

This is a negotiation whereby Petroecuador agreed to deliver 17.1 million barrels of fuel oil residue No. 6 for two years, in exchange for receiving an advance payment of $ 300 million. Dubai-based OTI was represented on the contract by Wa’ll Al Jamall, Sam Naylor and Mark Craig. An operation similar to those carried out by the state oil company since 2009 with Petrochina Internacional, Unipec or PTT of Thailand.

To read the full story on El Universo, click here.


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