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.