Petroecuador board names oil industry veteran as new CEO - Reuters

A worker pumps fuel into a car at a Petroecuador gas station in Quito April 2, 2012. REUTERS/Gary Granja/File Photo

The board of Ecuador's state-owned oil firm Petroecuador has designated an electrical engineer with decades of oil industry experience as its new chief executive, the company said in a statement late on Tuesday.

Pablo Luna, who has worked on projects related to crude output, electricity generation and distribution, and risk management at private and public companies, has committed to combating corruption in the sector and boosting oil production in the Andean nation, Petroecuador said.

He replaces Gonzalo Maldonado, who assumed the role in December 2020 after serving as Petroecuador's manager for international trade.

Luna had previously served as the maintenance manager and operations manager at state-owned oil company Petroamazonas, which managed oilfields in the South American country's Amazon region before it was absorbed last year by Petroecuador, which previously focused on oil transport and refining.

Petroecuador said Luna would ensure the company conducts "transparent tenders in the processes of the purchase and sale of hydrocarbons" and "encourage the participation of serious national and international companies" in the auctions.

An official at oil trading firm Gunvor pled guilty in May to U.S. charges of bribing Ecuadorean officials to win business with Petroecuador.

Luna will also aim to increase Ecuador's crude output, currently at some 500,000 barrels per day, as the country's oil sector seeks to recover from a drop in demand due to the coronavirus pandemic, a government cash-flow crisis that has restricted investments, and damage to the country's two main pipelines from landslides.

Newly-installed President Guillermo Lasso has pledged to double output of oil, the country's main export.

Our Standards: The Thomson Reuters Trust Principles.

Adblock test (Why?)

"oil" - Google News
June 09, 2021 at 09:20PM
https://ift.tt/3v4K3uV

Petroecuador board names oil industry veteran as new CEO - Reuters
"oil" - Google News
https://ift.tt/2PqPpxF
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini