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Flopec owns offshore companies in Panama that operates their vessels
Posted On 21 Jul 2016
Three of the seven ships carrying crude from Ecuador to other destinations (Zaruma, Pichincha and Aztec) operate under leasing through four offshore companies established by the state since 2006 in Panama, a nation that is considered as a tax haven.
Its owners are the Pollux Oil Shipping, Pegasus Oil Shipping, Polaris Oil Shipping and Pisces Oil Shipping companies, of which the Flota Petrolera Ecuatoriana EP (Flopec) holds 100% of the shares, according to a report by the National Audit Office of the State that audited its accounts in 2014.
The state would also be owner of 49% of shares of the Maya and Inca vessels, in partnership with the private shipping group Tsakos from Greece, and the same percentage of participation of two gas tankers, one of them the Clipper Victory, according to an investigation published by the former oil union leader Fernando Villavicencio in the Focusecuador website.
