Peru goes after U.S. oil exec, Ecopetrol deal at stake

Yes, Peru. I break my vow to do original reporting rather than news aggregating, mostly because the Inter-Press Service news wire never gets wide enough play for its often very interesting stories. They say Ecopetrol and Korea National Oil Co.’s big-bucks buy into a Peru oilfield last year may be nullified unless somoene coughs up $482 million in taxes — more than half the value of the Ecopetrol-KNOC buy. IPS reports:

Peruvian Congress Calls in Debt from U.S. Oil Executive

By Ángel Páez

LIMA , May 26, 2010 (IPS) – The Peruvian Congress has opened proceedings to demand that U.S. businessman William Kallop pay the Treasury 482.2 million dollars — taxes on the 900-million-dollar sale of a petroleum company and other debts to the government.

PetroTech Peruana (PTP) was sold Feb. 6, 2009, to Ecopetrol, the Colombian state oil company, and the South Korean National Oil Corporation (KNOC) in a transaction conducted in the United States.

With the U.S. Offshore International Group serving as intermediary, the sale was made outside of Peru in order to evade taxes, concluded a special commission of the unicameral Congress, presided by Jhony Peralta, which investigated PTP’s activities since its founding by Kallop in 1993.

“The Peruvian government could nullify the sale of PTP to Ecopetrol and KNOC because they violated the laws that require the payment of taxes,” Peralta told IPS. He noted that conducting the sale abroad does not exempt it from taxes associated with the change in ownership of a Peruvian company. MORE…

One thought on “Peru goes after U.S. oil exec, Ecopetrol deal at stake

Comments are closed.