PDVSA Still Seeks Friendly Settlement with PetroPar

(Energy Analytics Institute, Jared Yamin, 12.Jun.2016) – PDVSA continues to seek a friendly settlement with PetroPar in regards amounts it is owed by its Paraguayan counterpart, announced PDVSA in an official statement posted on Twitter.

PDVSA is requesting PetroPar pay its debt to Venezuela without additional delays. Additionally, PDVSA says it is willing to take necessary actions under the law and contracts signed by both companies.


YPFB, PetroPar and LPG Distributors Discuss Contracts

(Energy Analytics Institute, Jared Yamin, 11.Jun.2016) – Officials from YPFB and its Paraguayan counterpart PetroPar meet with LPG distributors in Paraguay to evaluate the expansion of sales and purchase agreements.

“Actually, YPFB has contracts with Paraguayan LPG distributors that expire in August,” reported the daily newspaper La Razón, citing YPFB President Guillermo Achá. “The contracts guarantee 100 percent of the demand for the fuel in this country through production which comes from Bolivia’s Río Grande Separation Plant and the Gran Chaco Plant.”

Bolivia uses Mont Belvieu as its benchmark for establishing the price of its LPG, said Achá.

YPFB and PetroPar executives established a two-month work timetable — starting July 1, 2016 — in which to establish topographic work in four cities in Paraguay, establish a final design for a gas network and supply Bolivian LPG to Paraguay for use among domestic and industrial users.


Paraguay to Pay Back $287 Mln PDVSA Debt in 2023

(Energy Analytics Institute, Aaron Simonsky, 8.Jun.2016) – Paraguay plans to pay back its $287 million debt with PDVSA in 2023, reported the daily newspaper Noticias24, citing Paraguayan Industry and Commerce Minister Gustavo Leite.

The agreements between Paraguay and Venezuela were initially signed in 2008 and established that debts accumulated by Paraguay to acquire Venezuela oil could be paid back in 15 years with a 2-year grace period and an annual interest rate of just 2 percent.


Paraguay Says No Need To Issue Bonds To Pay PDVSA Debt

(Energy Analytics Institute, Aaron Simonsky, 8.Jun.2016) – Paraguay does not need to issue bonds to pay off an outstanding debt with Venezuela’s state oil company PDVSA, according Paraguay’s Finance Minister Santiago Peña.

“We have tried to come closer regarding payment of the debt,” reported the daily newspaper UltimaHora, citing Peña. “Other countries have benefited from reduced debt payment,s but we have not yet had any luck.”

Who will pay is PetroPar, said Peña referring the Paraguay’s state oil company Petróleos Paraguayos.


Petropar Says PDVSA Claims Not Valid Related to Debt

(Energy Analytics Institute, Aaron Simonsky, 6.Jun.2016) – Plans announced by PDVSA to sue its Paraguayan counterpart Petropar are not valid and go against international agreements.

Caracas-based PDVSA announced it would take legal actions against Petropar if the company failed to pay a debt of $287 million by June 10, 2016, reported Efe.

PDVSA and Petropar signed agreements in 2014 in Caracas whereby the former would send refined oil from Venezuela to Paraguay.

Under the agreements, Venezuela accepted a financing scheme of 15 years with a 2-year grace period and an annual interest rate of 2 percent.

In an official statement issued by Paraguay’s presidential office, the government of the South American country announced that the international agreements stipulated that under possible discrepancies or controversy that the governments would settle the problems in a friendly manner through direct negotiations and a common agreement.

Paraguay maintains its posture to fulfill its promises under agreements signed with Venezuela.


PetroPar Debt Will Not Be Forgiven

(Energy Analytics Institute, Ian Silverman, 10.Sep.2013) – PDVSA President Rafael Ramirez, who also serves as Venezuela’s Oil Minister, said that the debt owed to PDVSA by Petroleos de Paraguay (Petropar) must be repaid.

Petropar’s outstanding debt to PDVSA is around $265 mln to $270 mln, according to reports on the Paraguayan website Ultima Hora.

“For the moment, PDVSA will not send any more oil to Petropar,” Ramirez told EAI.

In 2012, PDVSA exported 1,100 b/d to Petropar and in 2011 the company exported 7,500 b/d to Petropar, according to PDVSA’s annual report.