RE:Yikes what deception!Frank. Go to Sedar, MD&A, page 20, they go into detail on Frontera Infrastructure listed below. This is what they list as infrastructure. They have invested about a Billion U$ into the port mostly in 2013 dollars and barely broke even. It is being badly mismanaged as about every segment of this company. It needs to be sold to the Chinese who will untilize it and make good money off of it and gain yet another strategic foothold in Central/South America. It also has the ability to fuel their ships with their own oil/diesel with the new 2 way pipline to the refinery
Only the pipeline made decent money and lucky for us, it is being managed by another company who know WTF they are doing. The dividend you mention was declared at the end of the qtr and apparently has not yet been paid or paid in full. FEC would only get 35% of that. But the pipeline still makes good money. No money will be made off the water plant or the palm oil plantation in the near future.
Puerto Bahia- Bulk liquid storage and import-export terminal 99.97% interest in Puerto Baha ODLPipeline - Crude oil pipeline, capacity of 300,000 bbl/day 100% interest in PIL (which holds a 35% interest in the ODL Pipeline) SAARA - Reverse osmosis water treatment, name plate capacity of 1,000,000 bwpd 100% interest in Agro Cascada ProAgrollanos - Palm oil plantation, 20,000-27,000 tons per year of fresh fruit bunch 100% interest in Promotora Agricola de los Llanos This think the biggest mistake that de Alba has made with FEC is who he made CEO of the company. This guy has no experience running an oil company, port or pipeline, not any technical degrees that might help. He is the guy responsible for day to day operations of the company and has done a terrible job.
de Alba would have been far better off trying to retain one of the top PRE execs who were cranking out the oil and would have known the business in detail but PRE tried to grow too fast with debt and got caught up in the drop in oil price like many other oil companies in 2015. Or at least hire an experienced oil and gas guy with maybe an education that might have taught him something appropriate to the job. This guy. who has been running things into the ground, and making over $3mil a year doing it.
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Orlando Cabrales Segovia CEO
Orlando Cabrales Segovia has over 30 years of experience in the public and private energy sector in Colombia, including serving as President of NATURGAS, the Colombian natural gas trade association, until March 2021, as Vice-Minister of Energy of the Ministry of Mines and Energy in Colombia between 2013 and 2014 and as the President of the ANH from 2011 to 2013.
Mr. Cabrales held senior roles at BP in Latin America. He currently sits on the boards of Isagen, and Conconcreto and previously served on the boards of numerous companies in Colombia including Tuscany Drilling, Cenit, and ISA.
Mr. Cabrales earned an undergraduate degree in Law from Pontificia Javeriana University and a Master’s degree in Philosophy from Boston College".