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Ecuador Political News

With an advance of $ 300 million, Vitol Inc. secured $ 922 million of Ecuadorian fuel oil for 30 months

The contract between Petroecuador and Oman Trading International Limited (OTI) represented a good deal for the multinational Vitol Inc., which according to US prosecutors was obtained thanks to bribes and dishonest advantages from its executive Javier Aguilar. Vitol paid $ 300 million in advance to Petroecuador and secured a provision of $ 900 million of fuel oil No. 6 for 30 months .

The loan, with a surcharge of a fixed rate of 6.86% per annum and guaranteed with fuel deliveries, would serve “to finance the development of certain projects in the Republic of Ecuador,” says a letter from the then Minister of Finance, Fausto Herrera, addressed to OTI, and which is part of the contract. In the document, Herrera pointed out that the Ministry “agrees with the content of the contract … and will promote EP Petroecuador’s execution of its obligations.”

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

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#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon. https://t.co/7TqQ6sJhik
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the… https://t.co/soQ1qreULA
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer: https://t.co/5eac0lRmN7
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https://t.co/7TqQ6sJhik
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars. https://t.co/zT0dlozk5R

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