Petroecuador announced the appointment of Reinaldo Armijos as the new deputy general manager of the state-owned oil company, replacing Ramón Correa.

The announcement was made this Friday, October 13, after the board of directors of the Public Enterprise Coordinating Company (EMCO) accepted the resignation of Ramón Correa Vivanco as CEO.

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Energy Minister Fernando Santos announced that “the logical candidate is the most senior manager of the company, that is Reinaldo Armijos, the current director of international trade”. And that the board of directors will meet this Friday to discuss the issue.

The EMCO Board consists of the President of the Coordinating Company of Public Enterprises, Jorge Benavides, and representatives from the Ministry of Energy and Mining and the Secretariat of Planning.

In a statement issued by EMCO, it is stated that Reinaldo Armijos has a solid background, with a master’s degree in business management and an engineering degree in economics with a specialization in public and private finance, and also has a higher degree in trade and foreign affairs Politics. “His extensive experience in the field confirms his suitability for this position,” the statement added.

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It was also noted that the official will take over the leadership of Petroecuador, subject to constant evaluation by the board of directors.

Ramón Correa resigned on October 11, citing personal reasons, amid an investigation into alleged criminal embezzlement related to the underwriting of an insurance policy for Petroecuador valued at $99 million. On October 5, the Attorney General’s Office and police raided Petroecuador and the insurance company La Unión.

In this regard, Minister Santos said that Ramón Correa is uncomfortable with this situation. “He explained to the ministry that he followed the legal procedure and that he did it through Sercop. What he unofficially informed us is that the current policy with Hispanic has been terminated. At the request of the Comptroller’s Office, certain assets were revalued, and as a result the policy amount was increased. He said that everything was done in accordance with the requirements, but that raids were suddenly carried out due to a report to the Prosecutor’s Office. As a board of directors, we regret the separation of Ramón Correa.”

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