The value chain at PAREX is essential to the development of the areas where we conduct business. A strong value chain promotes local growth through the creation of small-sized and medium-sized enterprises in various economic activities.
Procurement processes developed by PAREX are based on best practices and the principles of legality, inclusion, and fairness. Based on these principles, the Company approaches the local market to identify ideal suppliers who are aligned with the best practices in industrial safety, environmental sustainability, social responsibility, human rights, and ethical standards implemented at the Company.
In 2016, PAREX demonstrated its commitment to local companies, many of which have grown together with the Company, through the procurement of goods and services for COP 58,595 million (USD $19.2 million), out of which COP 53,278 million (USD $17.4 million) was generated in the department of Casanare.
The procurement of goods and services decreased in 2016 compared to 2015 mainly as a result of fewer activities in certain operating areas.