Economy
The Paraguayan Comptroller's Office warned against alleged irregularities in the agreements entered into by state-owned oil company Petróleos Paraguayos (Petropar) and its Venezuelan counterpart Petróleos de Venezuela (Pdvsa), some days ahead of renewed talks to refinance the debt owed by the Paraguayan firm, reported on Wednesday the Paraguayan press.

Objections emerged from a performance assessment of FY2008 conducted by the Office of the Comptroller General in Petropar. Reference is made to three agreements on supply of gasoil reached by both companies during that period.

The undertakings set "an additional interest rate of 18 percent (12 percent plus 6 percent for administrative arrangements), as opposed to the provisions set forth in an energy agreement signed by the two countries, where only 2 percent is established," according to the authority.

"Said agreements are illegal as they include covenants which were not expressly stipulated and even are inconsistent with the Caracas Agreement on Energy Cooperation," they added.

The Comptroller's Office also noted that two out of the three instruments are not dated, Efe quoted.