Cil novas petro chemicals: Petrochemical companies, chemicals factories hit by crisis
Cilno, Colombia (AP) Colombia’s largest petro chemical company, Nouri Petrochem, is on the brink of bankruptcy after its top executive, Cilnov Petrol, was indicted on charges that he used a government-sponsored loan to pay for luxury vacations.
Nouri Petrol has been at the center of a major international scandal over alleged bribes to secure lucrative contracts and to secure government loans to boost petro-chemical production.
Nuri Petrol is one of Colombia’s biggest export producers, making about 40 percent of its gasoline, and has received billions of dollars in government subsidies to expand production.
A new court ruling says that Nouri was involved in a scheme to help get government contracts.
The court found that the executive did not have a “real” reason to have a loan in hand.
Petrol is a subsidiary of Colombian company Cilnio Petrol and the company has been in the news recently due to the indictments of the company’s top executives and the allegations of corruption against them.
The company said in a statement late Tuesday that the new indictment is part of a wider investigation into Nouri.