Petroecuador USD 5.3M Refinery Payment Raises Procurement-Control Risk
Energy

Petroecuador USD 5.3M Refinery Payment Raises Procurement-Control Risk

Ecuador Brief||Source: Primicias

A Petroecuador transfer of more than USD 5.3 million to Consorcio Torre VL-V1 has become a governance-risk case for Ecuador's hydrocarbons sector.

According to prosecutorial material cited in the case, Petroecuador transferred the funds on December 24, 2024 for alleged industrial work in Catalíticas Unit No. 2 at the Esmeraldas Refinery, a unit described as key for Súper gasoline production.

The consortium was formed by King Traiding Limited KT&V, linked to the family of Vicko Villacís, and Teknhikmec S.A. Prosecutors presented the information in early June 2026 during a money-laundering charge hearing involving Villacís.

Contract Traceability Questions

The core control issue is the reported lack of matching public-procurement records. A certificate from Sercop, Ecuador's public procurement service, reportedly showed no registered contract or awarded state process under the consortium's name.

The Ministry of Economy and Finance also reportedly certified that it had no records of Comprobantes Únicos de Registro (CUR) payments to the entity in its systems.

Despite receiving and invoicing more than USD 5.3 million, the consortium reportedly declared only USD 1 in 2024 income and generated USD 0.22 in income tax.

Supplier History

The two companies behind the consortium were not new to state contracting. King Traiding Limited KT&V previously operated as Reyten Cía. Ltda., where Villacís was shareholder and general manager until 2020. Under the Reyten name, the company signed two Petroecuador contracts on March 11, 2015, each for about USD 4.9 million.

Teknhikmec S.A., formerly Suministros y Mantenimientos de Equipos Petroleros SYMEP S.A., was incorporated in 2006 and reportedly accumulated at least 30 awards and processes with Petroecuador and Petroindustrial Refinería Esmeraldas from 2009 to 2021.

What to watch

The issue for investors and counterparties is not just the alleged payment itself; it is whether Ecuador's state oil company can maintain procurement traceability and payment controls in refinery and industrial-service contracting.

The next indicators are official responses from Petroecuador, any Sercop or Finance follow-up, and whether the case produces tighter payment-validation procedures for hydrocarbons-sector contracts.

Source

Primicias — “Así fue el 'contrato fantasma' por el que Petroecuador pagó más de USD 5 millones a un consorcio relacionado con el alcalde Vicko Villacís

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PetroecuadorEsmeraldas Refineryprocurementgovernance
Companies: Petroecuador, Consorcio Torre VL-V1, King Traiding Limited KT&V, Teknhikmec S.A.
Regions: Esmeraldas, Quito, Ecuador
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