Petroecuador will hire an international auditor to know the real value of its assets

PHOTO: El Telégrafo

The state oil company expects to contract a new insurance with the audit. Petroecuador does not have official documents which describe all its assets and liabilities since 2016.

Seguros Sucre guarantees the assets of the oil company for more than USD 5,900 million, but for oil experts that amount is not real.

On October 2019, the state company registered USD 1,170’485,270 in revenue, while in 2018, the figure was USD 1,168’098,294.

In November, on the other hand, there were 3,929 employees on the payroll, 11.65% less than in 2018. The oil company will launch a contest this month to hire an international auditor to value the company’s assets.

This audit is urgent because Petroecuador maintains a delay for the merger with Petroamazonas and it is necessary to be clear about the cost of its properties.

Source: Pichincha Comunicaciones

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