(AP, 18.May.2020) — Five Iranian tankers likely carrying at least $45.5 million worth of gasoline and similar products are now sailing to Venezuela, part of a wider deal between the two U.S.-sanctioned nations amid heightened tensions between Tehran and Washington. The tankers’ voyage came after Venezuela’s socialist leader Nicolás Maduro […]
Tag: PDVSA
PdV Keeps Nynas Board Seat After Restructuring
(Argus, 13.May.2020) — Venezuela’s state-owned PdV has retained one seat on the new corporate board of European specialty refiner Nynas after a restructuring that freed the venture from US sanctions. The new board composition illustrates PdV’s small but enduring role in the European downstream business that it acquired in the […]
Are Venezuelan Oil Exports Poised For A Comeback?
(Oilprice.com, 13.May.2020) — As the international community seeks answers with regards to the failed armed incursion into Venezuela that took place May 4, allegedly with the immediate participation of former US military veterans, President Maduro has once again proved to be a masterful survival artist. Notwithstanding the umpteenth round of […]
FBI Probes Firms Over Venezuela Oil Trading
(Reuters, 13.May.2020) — The FBI is probing several Mexican and European companies allegedly involved in trading Venezuelan oil as it gathers information for a U.S. Treasury Department inquiry into possible sanctions busting, according to four people familiar with the matter. U.S. Secretary of State Mike Pompeo and special envoy for […]
Fuel Cargo Loaded At Iran Sets Sail To Venezuela
(Reuters, 13.May.2020) — At least one tanker carrying fuel loaded at an Iranian port set sail to crisis-stricken Venezuela, according to vessel tracking data from Refinitiv Eikon on Wednesday, which could help ease an acute scarcity of gasoline in the South American country. The Iran-flagged medium tanker Clavel earlier on […]
Nynas Exits US Sanctions
(Nynas, 12.May.2020) — The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced today that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. As a result of a corporate restructuring of the ownership of Nynas AB sanctions are lifted, and US persons and companies no […]
Nynas: Removal Of Venezuela-related License
(OFAC, 12.May.2020) — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is revoking and archiving on its website Venezuela-related General License (GL) 13E “Authorizing Certain Activities Involving Nynas AB,” and is issuing GL 3H (“Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain […]
PDVSA Allocates Oil Cargoes To Partner At Petrozamora
(Reuters, 12.May.2020) — A joint venture partner of state oil company PDVSA, GPB Global Resources BV, has received at least two cargoes of Venezuelan crude in recent months as part of a deal to settle pending debt from their Petrozamora project, according to two sources and a shipping document seen […]
PdV Rolls Out New JV Presidents
(Argus, 4.May.2020) — Venezuela’s state-owned PdV rolled out the appointment of up to 26 new presidents of joint ventures that are mostly inactive. The appointments, some of whom may have been carryovers, are the latest manifestation of an industry shake-up led by new acting oil minister Tareck El Aissami. El […]
Venezuela Oil Output Sliding, Fields Shut Due To Fire
(Reuters, 4.May.2020) — Venezuela’s oilfields produced 687,000 barrels of crude last Saturday, up from 653,000 barrels on Friday but below the 718,000 barrels per day (bpd) the country said it produced in March, according to documents seen by Reuters on Monday. The drop came as output in the country’s Orinoco […]
US Seeks To Investigate Mexico Oil-For-Food Pact
(Reuters, 29.Apr.2020) — The U.S. State Department, the Treasury Department and the U.S. Embassy in Mexico are investigating at least two Mexican firms involved in an oil-for-food pact signed in 2019 with Venezuela’s government, U.S. officials said on Wednesday. Mexico-based Libre Abordo and an affiliated company, Schlager Business Group, have […]
Is PDVSA Abandoning Its Socialist Agenda?
(Oilprice.com, 29.Apr.2020) — Venezuela seems to be changing tactics when it comes to managing its oil resources. PDVSA is considering a major industry reform that would increase private company activities in its troubled oil industry, according to a document seen by Reuters. This would be a far cry from its […]
Fire Reduces Venezuelan Heavy Crude Flow
(Reuters, 28.Apr.2020) — The latest fire to erupt at one of Venezuelan state-owned PdV’s oil installations has temporarily knocked out up to 130,000 b/d of heavy crude production from three of the firm’s joint ventures with foreign partners. PdV said today it has extinguished the blaze, which broke out on […]
PDVSA Proposes Selling Oil Assets To Private Sector
(Forbes, 28.Apr.2020) — In a total about-face on the “socialism” and “communism” and the Yankee-Go-Home attitude of the ruling Socialists United of Venezuela (PSUV), the country’s beleaguered and bankrupt oil firm PdVSA has apparently thrown in the towel. They think it’s a good idea that the closed economy starts selling […]
Iran Ships Material To Help Repair PDVSA Refinery
(Reuters, 23.Apr.2020) — Venezuela has received refining materials via plane shipment from Iran to help it start the catalytic cracking unit at the 310,000 barrels-per-day Cardon refinery, which is necessary to produce gasoline, an official said on Thursday. The shipments mark a new stage in cooperation between the two OPEC […]
Venezuela’s Oil Output Could Fall Again Soon
(Oilprice.com, 23.Apr.2020) — On Tuesday, the Trump administration told the last remaining American oil companies in Venezuela that they had until December to wind down operations in the country. The Treasury Department’s Office of Foreign Assets Control (OFAC) issued a new license that only authorizes “limited maintenance of essential operations” […]
Chevron Barred From Drilling In Venezuela
(Reuters, 22.Apr.2020) — Chevron Corp has been banned from drilling or transporting oil in Venezuela and its assets there are “mothballed” as the Trump administration cracks down on money going to the government of socialist President Nicolas Maduro, a senior U.S. official said on Wednesday. The restriction is expected to […]
US Reviews Need For Venezuela Waivers: Update
(Argus, 16.Apr.2020) — The US is rethinking the premise behind its earlier decision to allow Chevron and other US and international firms to continue their presence in Venezuela, as it steps up the pressure of sanctions designed to force Venezuelan president Nicolas Maduro to step down. Chevron and European oil […]
El Palito Restart Sputters, Imports On Horizon
(Argus, 15.Apr.2020) — Venezuelan state-owned PdV’s failed effort to restart its 140,000 b/d El Palito refinery is aggravating a fuel deficit that is sparking sporadic protests by frustrated drivers even as the Covid-19 pandemic starts to spread. On top of escalating US sanctions, PdV’s loss of nearly all its 1.3mn […]
Venezuela’s Private Sector Wants Eased Import Rules
(Reuters, 10.Apr.2020) — Representatives of Venezuela’s private oil service companies have proposed the government loosen restrictions on gasoline imports and sales, as the country faces its worst motor fuel shortages in more than a decade. In a public statement this week and in discussions with officials of President Nicolas Maduro’s […]
PDVSA And Eni Restart Work On Diluent Pipeline
(Energy Analytics Institute, Piero Stewart, 8.Apr.2020) — Venezuela’s state oil company PetrĂłleos de Venezuela, S.A. (PDVSA) and the Italian oil company ENI, which comprise the Empresa Mixta PetrojunĂn, SA — a subsidiary of the Venezuelan Petroleum Corporation (CVP) — announced the restart of construction activities related to a diluent pipeline […]
Crisis Stricken Venezuela Faces Mounting Pressure
(Oilprice.com, 6.Apr.2020) — Over the past weeks, the Trump Administration has tightened the noose around Nicolas Maduro’s regime, increasing pressure on the country sitting on top of the world’s largest oil reserves. Venezuela is already reeling from a years-long economic disaster that has slashed its crude oil production in recent […]
Venezuela Launches Special Fuel Supply Plan
(Energy Analytics Institute, Piero Stewart, 3.Apr.2020) — Venezuela’s state-owned oil company PetrĂłleos de Venezuela S.A. (PDVSA) activated a Special Fuel Supply Plan to counter a naval blockade by the US government, announced Venezuela’s Tareck El Aissami, president of the Presidential Commission “AlĂ RodrĂguez Araque” for the Defense, Restructuring and Reorganization […]
Venezuela Brushing Aside Oil Price Signals For Now
(Argus, 2.Apr.2020) — Venezuela’s crude production partially recovered to around 700,000 b/d at the end of March, but state-owned PdV and its foreign partners cannot afford to dismiss weaker price signals for much longer, according to industry officials inside and outside Venezuela. Output had slid to about 500,000 b/d in […]
Venezuela’s 1Q Oil Exports Fall 17% Over Year Ago
(Reuters, 2.Apr.2020) — Latin American nation’s average exports of crude and refined oil in March were the second lowest since United States imposed sanctions in January 2019. ***
Angel Olmeta To Retire From Citgo Petroleum BODs
(Citgo, 2.Apr.2020) — The Citgo Petroleum Corporation Board of Directors and the Citgo President and Chief Executive Officer Carlos Jordá, announced today that Angel Olmeta is retiring from the Board, effective Thursday, April 2, 2020. Angel had a long and successful career in the Venezuelan and international oil industry, occupying […]
Kremlin Fights US Sanctions, Backs Maduro
(Bloomberg, 30.Mar.2020) — The Kremlin’s sudden shift of ownership of multi-billion-dollar oil projects in Venezuela shields oil giant Rosneft PJSC from further U.S. sanctions but keeps Moscow firmly behind embattled President Nicolas Maduro amid a wider stand-off with Washington. “Russia is not walking away from Maduro and will seek to […]
Venezuela’s Oil Output Falls To Five-month Low
(Reuters, 30.Mar.2020) — Venezuela’s crude production ended last week at around 670,000 barrels per day (bpd), according to documents seen by Reuters and two people with access to output data, the lowest level in five months amid U.S. sanctions and falling global demand. The Orinoco oil belt, Venezuela’s largest producing […]
Rosneft’s Venezuelan Oil Loads Cancelled – Data
(Reuters, 28.Mar.2020) — Three large crude carriers (VLCCs) chartered by units of Russian oil major Rosneft to transport Venezuelan oil left Caribbean waters empty on Saturday after the cargoes were cancelled due to sanctions, according to Refinitiv Eikon data and a document from Venezuelan state-run oil firm PDVSA. The vessels […]
Rosneft To Sell Venezuela Operations To Russian Gov’t
(S&P Global Platts, 28.Mar.2020) — Russia’s largest crude producer Rosneft said Saturday it is ceasing operations in Venezuela and selling all assets related to activities there. “Today [Saturday], Rosneft entered into an agreement with a company 100%-owned by the Russian government on the sale of shares and termination of its […]
Rosneft Sells Its Venezuelan Assets
(Rosneft, 28.Mar.2020) — Rosneft announces the termination of its operations in Venezuela and the disposal of its assets, related to operating in Venezuela. Today Rosneft concluded an agreement with the company 100% owned by the Government of Russian Federation, to sell all of its interest and cease participation in its […]
Falling LatAam Fuel Demand Leaves Hurt US Refiners
(Reuters, 27.Mar.2020) — Demand for refined products in Latin America is quickly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their primary export destination as the virus spreads. The crisis has nearly shut down worldwide air travel and is destroying fuel demand, which could fall by 15% […]
Fuel Trickling Into Venezuela, Oil Loading
(Argus, 24.Mar.2020) — Some gasoline is trickling into Venezuela, while a few crude cargoes are still getting out, but the volumes and revenue are dwarfed by the US-sanctioned country’s dire need for fuel and revenue to check the galloping coronavirus. According to shipping sources inside and outside Venezuela, current port […]
LatAm NRG Producers Sweat To Cover Costs
(Reuters, 24.Mar.2020) — A price war between the world’s oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting chances of output cuts and investment delays in coming months. Global oil price benchmarks have had their steepest declines in decades in a perfect storm of […]
Libre Abordo To Take Up To 15mn Bbls Of Venezuelan Oil
(Reuters, 24.Mar.2020) — Mexico’s Libre Abordo and a related company plan to take some 15 million barrels of Venezuelan crude as part of a first oil-for-food contract with President Nicolas Maduro’s government, the company told Reuters on Tuesday. Since it received its first cargo of Venezuelan oil in late 2019 […]
US Targets Maduro Regime With Fresh Charges
(WSJ, 22.Mar.2020) — The U.S. quietly unsealed criminal cases against two former officials at Venezuela’s state oil monopoly this month as part of what American officials say is a new round of charges and sanctions against a Maduro government they accuse of systemic corruption, narcotrafficking and stealing billions of dollars […]
Curacao Seizes PDVSA Oil Terminal In Dutch Caribbean
(Reuters, 20.Mar.2020) — Curacao state-owned oil refinery Refineria di Korsou (RdK) on Friday seized an oil storage terminal on the Dutch Caribbean island of Bonaire over a payment dispute with Venezuela’s state-run PDVSA oil firm, a RdK official said. Curacao will seek Dutch court approvals to sell Bonaire Petroleum Corp […]
Latin America’s Spot Oil Sales Hit By Low Prices
(Reuters, 20.Mar.2020) — Spot sales of Latin America’s heavy crudes mostly dried up this week amid a demand contraction and steep slump in oil prices that left some heavy grades below the $10-per-barrel level, traders from producing companies told Reuters on Friday. Latin American crude prices have fallen by around […]
US Calls For Humanitarian Release Of Citgo 6
(Energy Analytics Institute, Piero Stewart, 19.Mar.2020) — The US calls for humanitarian release of wrongfully detained Americans in Venezuela. © Energy Analytics Institute (EAI). All Rights Reserved. ***
Economic Fallout From Virus Felt In Venezuela
(ABC News, 16.Mar.2020) — Nicolás Maduro’s government on Monday banned gasoline sales in two states as part of a broader lock-down to stem panic buying by Venezuelans accustomed to hoarding basic goods whenever there’s a hint of turmoil. But his orders, which explicitly prohibit lines outside gas stations, were largely […]
Vitol Negotiates Venezuela Oil Purchase
(Oilprice.com, 13.Mar.2020) — The largest independent oil trader in the world, Vitol Group, is discussing the purchase of Venezuelan crude oil from a Mexican firm that had received the crude in exchange for aid, Bloomberg reported on Friday, citing emails and documents that it has reviewed. Vitol hasn’t traded […]
Maduro Suggests OPEC, OPEC+ Discuss Oil Market
(Energy Analytics Institute, Piero Stewart, 12.Mar.2020) — Venezuela’s President Nicolas Maduro has suggested that members of OPEC and OPEC+ return to discussions about balancing the oil market. “Let us seek agreements to provide short-term, medium-term and long-term solutions that will restore the oil markets to an equilibrium point,” state oil […]
Nynas Applies For Company Reorganization
(Nynas, 12.Mar.2019) — Nynas AB (publ) has today filed for company reorganisation at Södertörn’s District Court. Nynas loans have not been extended by the banks. Thus, Nynas cannot pay due debts forcing the company to apply for a reorganisation of the company. “Despite loyal customers and dedicated work by our […]
PDVSA Partners Fret Over Managerial Vacuum
(Argus, 12.Mar.2020) — A presidential commission tasked with reorganizing Venezuela’s state-owned PdV is sowing confusion among the oil company’s joint venture partners over who is running the firm after chief executive Manuel Quevedo was effectively nudged out. “It is unclear who we are supposed to deal with now when discussing […]
Pipeline Blast Halts PetroPiar
(Argus, 10.Mar.2020) — Venezuelan state-owned PdV’s PetroPiar joint venture with Chevron suspended upgrading operations following a pipeline explosion early today, three oil workers at the facility tell Argus. The plant has since resumed partial operations and is slowly ramping back up to an unspecified level. Sulfur and hydrogen processing units […]
Venezuela Offers Discounts As Prices Collapse
(Reuters, 10.Mar.2020) — Venezuela’s oil company PDVSA is this week offering discounts of up to $23 per barrel on its flagship crude, traders said, as a collapse in global oil prices puts more pressure on the state-run firm, already reeling from tightening U.S. sanctions. Petroleos de Venezuela had already been […]
PdV Names New Shipping Head As Arrests Mount
(Argus, 9.Mar.2020) — Venezuelan state-owned PdV named a new head of its shipping unit following 38 arrests over alleged fuel theft. PdV Marina’s new president is Cesar Vladimir Romero Salazar, a navy captain who also heads the national aquatics institute INEA. The arrests were the latest manifestation of a purge […]
Venezuela Moves To Arrest Numerous Oil Workers
(Energy Analytics Institute, Piero Stewart, 7.Mar.2020) — Venezuela’s government has arrested numerous oil sector workers for presumably providing confidential information to the US government as well as participating in fuel smuggling activities, according to state oil company PDVSA. The arrested persons include the following: On 28 February 2020, two managers […]
New Commission To Safeguard PDVSA’s Interest
(Energy Analytics Institute, Piero Stewart, 7.Mar.2020) — Venezuela has established a new Presidential Commission which aims to defend and safeguard the interest of state oil company PetrĂłleos de Venezuela Sociedad AnĂłnima (PDVSA). Part of the agenda of the Venezuelan government, with the new commission, is to advance the revolutionary restructuring […]
Venezuela Detains Over 30 PDVSA Workers
(Reuters, 7.Mar.2020) — At least 38 workers from Venezuela’s state oil company Petroleos de Venezuela’s, including the president of maritime subsidiary PDV Marina, were detained on accusations of trafficking fuel, Venezuelan Interior Minister Nestor Reverol said on Saturday, describing the accusations as “treason.” The move comes just days after other […]