viernes, 26 de septiembre de 2014

Another transaction Derwick-PDVSA that should be investigated but won't

As before, in other notes about Derwick, I am not arriving to conclusions but, as a Venezuelan citizen and former oilman, I demand an investigation of Derwick Associates and PDVSA for the manner this particular transaction was made.
In the link:  we can see te description of a transaction through which the company Derwick was assigned the task of acquiring a group of turbines. The buying order Number 5100077213, dated December 30 2009 went from the Dutch office of  Bariven, the buying arm of PDVSA, to Derwick, to acquire turbines for the amount of $277,279,653.34. The equipment consists of four General Electric turbines (second hand ); four Rolls Royce turbines; two Pratt & Whitney turbines and one General  Electric turbine.
It seems that, simultaneously with this purchase order, Derwick  requested from Energy Parts Solutions, a U.S. company, the acquisition of these turbines, with a price of $207,741,306.20. If this is correct, there is a difference of $70 million that Derwick would pocket without doing much more than serving as intermediary in the PDVSA acquisition. In this manner Derwick used the money received from PDVSA to buy the turbines from a third part and was left with a nice profit of $70 million.  All PDVSA had to do to use our money well was to pick up a phone and call Chicago, where the headquarters of Energy Parts Solution is located. By the way, I just called them to ask some information. 
If this is the way things happened , I would ask the Venezuelan authorities  why wouldn’t PDVSA request these equipment directly from a supplier that would have quoted the lower amount, saving the Nation some $70 million?  It seems to me this is a very easy case to investigate, as easy as finding a white elephant in the central square of Caracas.  

I have requested more details on this transaction from the U.S. company and will pass them on, when and if I receive them.