Archive for September, 2009

Another Oil Exec Pleads Guilty
September 28, 2009

On Friday Arnoldo Maldonado of Y Oil and Gas pleaded guilty to helping sell stolen Mexican petroleum products to Houston area companies. Court records filed in Houston federal court show Maldonado admitted to helping arrange for the shipment of 22 tanker trucks filled with stolen natural gas condensate (a petroleum precursor) to be brought into the U.S. from Mexico. The condensate comes from Mexico’s nationally owned oil company, Petroleos Mexicanos, or Pemex. Maldonado’s company is based in Edinburgh. We reported last month the former President of Houston based Trammo Petroleum, Donald Schroeder, also pleaded guilty to reselling stolen condensate from Mexico. Pemex officials estimate the company loses $2 billion worth of petroleum products each year to theft. As part of his plea agreement Schroeder repaid Pemex $2.4 million. Last year alone Pemex reported finding at least 400 illegal connections to its facilities and pipelines in rural areas. Schroeder is scheduled to be sentenced in December, Maldonado’s sentencing is scheduled for January. Both face up to five years in prison and a $250,000 fine. We also reported in  July Mexican Drug Cartels are also taking advantage of the stolen petroleum trade as a way to bolster revenues.