LATAM
México

Guyana

Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Puerto Rico fiscal oversight board sues fuel suppliers

Xavier Garcia/Bloomberg

Puerto Rico Electric Power Authority (PREPA) Palo Seco plant in Palo Seco, Toa Baja, Puerto Rico.

- Legal action charges overpayments and illicit compensation
- Alleged actvity centered on island's state power company

By Michael Deibert / Bloomberg

SAN JUAN, Puerto Rico
Petroleumworld 07 01 2019

The Congressionally-mandated board that oversees finances for Puerto Rico has sued several companies it alleges took fraudulent payments and compensation from the state power utility.

The Financial Oversight and Management Board for Puerto Rico charged on Sunday that, between 2012 and 2015, the commodities trading and logistic company Trafigura and the energy and commodities company Vitol supplied the Puerto Rico Electric Power Authority “with oil that did not meet the applicable contractual or regulatory specifications, but nonetheless received payment” at the price of the higher quality fuel oil.

The board is also suing three laboratories -- Carlos R. Mendez & Associates, Inspectorate America Corp. and Altol -- alleging they received payments for falsifying tests of the quality of the oil supplied to PREPA. The cases were filed in the U.S. District Court for Puerto Rico.

“These payments contributed to PREPA's insolvency by increasing the cost of its operations and causing PREPA to slide deeper into debt," the statement read.

None of the companies were immediately available for comment.

The utility has been battered by a spiraling debt and by 2017's Hurricane Maria, which knocked out power across the island for months. Controversy surrounded PREPA's $300 million no-bid contract for resurrecting the devastated electrical grid to Whitefish Energy, a Montana company with two full-time employees. The contract was eventually canceled, and PREPA's head resigned.

Last month, the board and PREPA reached a restructuring agreement: bondholders invested in the struggling utility would receive 67.5 cents for every dollar for new Tranche A bonds and 10 cents on the dollar for new Tranche B bonds.



Story by Michael Deibert from Bloomberg.

bloomberg.com/ 06 30 2019

________________________


We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

________________________

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld ™  / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.