Thursday March 4, 2021
  • Venezuela
  • Mexico
  • Colombia
  • Chile
  • Brazil
  • Argentina
  • Podcast
Versión Español
PanAm Post
  • Home
  • Regions
    • South America
    • North America
    • Central America
    • Caribbean
  • Politics
  • Economics
  • Opinion
  • Podcast
  • Authors
  • Contact
No Result
View All Result
  • Home
  • Regions
    • South America
    • North America
    • Central America
    • Caribbean
  • Politics
  • Economics
  • Opinion
  • Podcast
  • Authors
  • Contact
No Result
View All Result
PanAm Post
No Result
View All Result

Home » Colombian State Oil Company to Face Corruption Charges

Colombian State Oil Company to Face Corruption Charges

Ysol Delgado by Ysol Delgado
January 5, 2017

Tags: Economy of ColombiaEcopetrol
0
0
SHARES
0
VIEWS
FacebookTwitterTelegramWhatsapp
Con dicho contrato, la Contraloría denunció que se generó “un menoscabo al patrimonio de Ecopetrol y por consiguiente del Estado desde la Asociación CPR Rubiales y Piriri, donde Ecopetrol participaba en el 57,9% de los gastos, correspondientes a $8.074 millones (El País)
Ecopetrol Oil company contracts reportedly resulted in purchases of unnecessary machinery and a loss of government revenue. (El País)

EspañolThe Colombian Comptroller’s Office revealed that it had found irregular contracts by the oil and gas company Ecopetrol, adding up to 145 billion dollars that favors one of the affiliates of the Pacific Rubiales group, Agrocascada.

According to the government entity, Ecopetrol hired the company during exploration of fields in the Eastern Plains of Colombia, which resulted in purchases of unnecessary machinery and a loss of equity.

RelatedArticles

Three Signs That Elon Musk Has the World at His Fingertips

15 Republicans Who Voted Against Trump Are Already Facing the Consequences

February 1, 2021
Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes

Chinese Regime Silences Relatives of COVID-19 Fatalities During WHO Visit

January 29, 2021

Ecopetrol reportedly authorized the construction of facilities that were supposed to serve Agrocascada’s daily activities, which did not favor the production of crude oil. For this reason, the development plans of the state-owned company between 2014 and 2015 were affected.

  • Read More: Maduro Regime Forced to Buy Its Own Bonds as Markets Shun Venezuela
  • Read More: Venezuela: State Raw Materials Monopoly Threatens Journalism

On that occasion, the oil company made acquisitions, and began construction and installations of water treatment packages that did not provide the service for which they were built, and which had expenditures of approximately US $99 billion.

The second finding of the Comptroller’s Office revealed that the operator of Ecopetrol made payments of US $74 billion for transfers to a third party, which were justified with a sale of investments related to the Water Treatment Project Agro Cascada S.A.S.

 

Authorities concluded that “due to Ecopetrol’s participation in percent of the contract, damage was caused to the detriment of the State’s interests, of $37 billion due to improper use of third parties.”

The third finding of the Comptroller’s Office was a contract for “the rental, operation and maintenance of a horizontal pump for injection of water in the Rubiales Field” for the same Agrocascada project, thus justifying operational costs.

This latter contract was classified by the authorities as “a loss to the equity of Ecopetrol and consequently to the State from the Association CPR Rubiales and Piriri, where Ecopetrol participated in 57.9 percent of expenses, corresponding to $8 billion.”

Source: Dinero

Tags: Economy of ColombiaEcopetrol
Previous Post

Vatican Backs Venezuelan Catholic Church’s Resistance to Maduro Regime

Next Post

Macri Maintains Kirchner Era Price Controls in Argentina

Ysol Delgado

Ysol Delgado

Ysol Delgado is a Venezuelan reporter with the PanAm Post from Mexico City. She specializes in public relations, digital marketing, and investigative journalism. Follow her on Twitter: @Ysolita.

Related Posts

Three Signs That Elon Musk Has the World at His Fingertips
News

15 Republicans Who Voted Against Trump Are Already Facing the Consequences

February 1, 2021
Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes
Asia

Chinese Regime Silences Relatives of COVID-19 Fatalities During WHO Visit

January 29, 2021
Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes
Analysis

Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes

January 29, 2021
Dollarization Advances in Venezuela with Debit Cards for Foreign Currency Accounts
Argentina

Argentina Drags Chile in its Bipolar Madness Over Venezuela

January 28, 2021
Dollarization Advances in Venezuela with Debit Cards for Foreign Currency Accounts
Politics

Biden forbids linking COVID-19 with China

January 28, 2021
Dollarization Advances in Venezuela with Debit Cards for Foreign Currency Accounts
Analysis

Dollarization Advances in Venezuela with Debit Cards for Foreign Currency Accounts

January 28, 2021
Next Post
Macri Maintains Kirchner Era Price Controls in Argentina

Macri Maintains Kirchner Era Price Controls in Argentina

Discussion about this post

Subscribe free and never miss another breaking story

  • Venezuela
  • Mexico
  • Colombia
  • Chile
  • Brazil
  • Argentina
  • Podcast

© 2020 PanAm Post - Design & Develop by NEW DREAM GLOBAL CORP. - Privacy policy

No Result
View All Result
  • Home
  • Regions
    • South America
    • North America
    • Central America
    • Caribbean
  • Politics
  • Economics
  • Opinion
  • Podcast
  • Authors
  • Contact

© 2020 PanAm Post - Design & Develop by NEW DREAM GLOBAL CORP. - Privacy policy

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Privacy and Cookie Policy.