Connect with us

Hi, what are you looking for?

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.



#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon.
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…
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:
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars.

You May Also Like

Chevron Ecuador Blog Posts

1. Steven Donziger Is an Adjudicated Racketeer. The U.S. District...

News & Updates

Steven Donziger is the best example of how a handful...

News & Updates

Disbarred lawyer Steven Donziger likes to present himself to the...

Chevron Ecuador Lawsuit News

A lawsuit against oil companies reflects progressive attempts to criminalize...