(Argus, 7.Oct.2019) — Senior managers of Venezuelan state-owned PdV’s heavy crude-blending joint venture with Chinese state-owned CNPC were arrested late last week, days after the blending plant halted operations. PetroSinovensa had stood out as the most resilient of PdV’s crude joint ventures at the Jose industrial complex, maintaining partial operations […]
Tag: PDVSA
Exxon Mobil Bars Use Of Oil Tankers Linked To Venezuela
(Reuters, Jonathan Saul and Collin Eaton, 4.Oct.2019) — Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the U.S. sanctioned country and on global crude freight rates. […]
PdV Floods Cuba With Stranded Oil
(Argus, 3.Oct.2019) — At least three Venezuelan fuel tankers are heading towards Cuba today, part of a flotilla meant to free up domestic storage space while defying a US campaign to cut off Venezuela’s oil supply to its political ally. Up to 3mn bl of refined products and heavy crude […]
Venezuela Oil Sector May Take 8 Years To Recover
(Yahoo Finance, Akiko Fujita, Anchor/Reporter, 27.Sep.2019) — A top aide to Venezuelan opposition leader Juan Guaido said on Friday it could take up to eight years to restore oil production in the country back to full capacity. Following years of corruption and mismanagement, the strife-torn Andean nation has seen oil […]
Venezuela Oil Exports To Cuba Rising: Sources
(Reuters, Mircely Guanipa and Marianna Parraga, 25.Sep.2019) — Venezuelan state oil company PDVSA ordered an increase in exports to ally Cuba to ease fuel shortages on the island this month, challenging U.S. sanctions on shipping firms involved in the trade, according to three industry sources and Refinitiv Eikon data. The […]
US Targets Entities, Vessels Moving Venezuelan Oil To Cuba
(US Treasury, 24.Sep.2019) — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four entities that operate in the oil sector of the Venezuelan economy pursuant to Executive Order (E.O.) 13850. Additionally, OFAC identified four vessels that transport oil and other petroleum products from Venezuela […]
US Actions Against Entities Assisting Venezuela
(US Treasury, 24.Sep.2019) — On September 24, the United States designated four companies that operate in Venezuela’s oil sector as sanctioned, and identified as blocked property four vessels associated with this activity. This action further targets Venezuela’s oil sector and the mechanisms used to transport oil to Nicolás Maduro’s Cuban […]
Cuba Won’t negotiate On Venezuela, But Russia Might
(Miami Herald, Nora Gámez Torres and Michael Wilner, 24.Sep.2019) — Moscow has maintained communication with members of the Venezuelan opposition even as the Cuban government plans on “going down with the ship” alongside Nicolás Maduro, a senior Trump administration official said on Tuesday. In an interview with the Miami Herald […]
Maduro Plots Assembly Grab, Oil-For-Food Floated
(Argus, 24.Sep.2019) — Venezuelan opposition leader Juan Guaido’s constitutional claim to the Opec country’s interim presidency could be undermined by today’s tumultuous return of the governing United Socialist Party (PSUV) to the National Assembly. Over 50 elected PSUV deputies entered the legislative chamber this morning for the first time since […]
CNPC Skips Venezuelan oil Loading For Second Month
(Reuters, Chen Aizhu, 10.Sep.2019) — China National Petroleum Corp (CNPC), a leading buyer of Venezuelan oil, will skip cargo loadings for a second month in September as the state oil giant looks to avoid breaching U.S. sanctions, two sources with knowledge of the matter said. CNPC made a surprise halt […]
Live At State With Elliott Abrams
(US Treasury, 10.Sep.2019) — U.S. Special Representative for Venezuela Elliott Abrams discussed issues related to Venezuela during a Live At State from Washington, D.C. MODERATOR: Hello. I’m Vanessa Acker, the Deputy Director of the Brussels Media Hub, and I would like to welcome participants to today’s interactive online press briefing, […]
PdV Clings To Sliver Of Oil Refining Capacity
(Argus, 6.Sep.2019) — Venezuela’s national oil company PdV has lost almost all capacity to refine crude, with only a sliver of the 635,000 b/d Amuay plant currently in operation, according to internal company reports seen by Argus. At the end of August, Amuay was processing 120,000 b/d or about 9pc […]
Venezuelan Oil Exports At Lowest Level In 2019
(Reuters, Marianna Parraga, Mircely Guanipa, 3.Sep.2019) — Venezuela’s oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation’s second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions. Overall exports of […]
Citgo Petroleum Announces 2Q:19 Results
(Citgo, 26.Aug.2019) — The Board of Directors of Citgo Petroleum Corporation is pleased to report significant progress on top company goals. Following its appointment in February 2019, the Citgo Board outlined three main objectives for the company: improving financial and operational stability; protecting assets; and enhancing corporate governance. After only […]
Citgo Profits Hit By Fallout From Split-CEO
(Reuters, Marianna Parraga, 22.Aug.2019) — The two new top executives at Citgo Petroleum disclosed this week that net income in the second quarter slid to less than half its level a year earlier, hit by a broad slump for the refining industry as well as complications from U.S. sanctions on […]
China Stays Venezuela Course
(Argus, 20.Aug.2019) — The Chinese government is so far showing no sign of curtailing its oil ties to Venezuela, despite state-owned PetroChina’s rescheduling of Merey crude loadings in August. Argus has confirmed that state-owned PetroChina’s trading arm ChinaOil rescheduled up to seven VLCCs of heavy sour Merey in August that […]
CNPC Suspends Venezuelan Oil Loading
(Reuters, Chen Aizhu and Marianna Parraga, 18.Aug.2019) — China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest U.S. sanctions on the South American exporter, three sources with direct knowledge of the matter told Reuters on Monday. The Trump administration in early August […]
US Set To Sanction Rosneft Oil, Fuel Trade With PDVSA
(S&P Global Platts, 15.Aug.2019) — The US is set to impose sanctions on Rosneft if it continues to trade crude oil and fuel with Venezuela’s PDVSA in exchange for debt repayments and stakes in joint venture projects in the South American nation, a senior Trump administration official told S&P Global […]
Venezuela’s Congress To Consider Scaled-back Reform
(Reuters, By Luc Cohen, 15.Aug.2019) — Venezuela’s opposition-controlled congress is considering reforms to the country’s oil law that would open up the sector to private investment but are scaled back from the sweeping changes outlined in a past proposal, according to a draft of the bill seen by Reuters. The […]
Citgo Petroleum Corp. Names Carlos E. Jorda As CEO
(Citgo, 14.Aug.2019) — The Board of Directors of Citgo Petroleum Corporation has selected Carlos E. Jorda to occupy the Chief Executive Officer (CEO) position after a thorough and extensive search process that began earlier this year. Mr. Jorda has deep knowledge of Citgo and its stakeholders based on his previous […]
PDVSA Partners Fear Latest U.S. Sanctions: Sources
(Reuters, Luc Cohen, 14.Aug.2019) — Foreign joint venture partners with Venezuelan state-owned oil company PDVSA are concerned the latest set of U.S. sanctions on the South American country could disrupt their operations, three industry sources said. The Trump administration last week froze all Venezuelan government assets in the United States […]
Citgo To Name New CEO
(Reuters, Marianna Parraga, 13.Aug.2019) — Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de […]
U.S. Expands Sanctions Against Venezuela
(WSJ, Vivian Salama, 6.Aug.2019) — The Trump administration imposed a total economic embargo against the government of Venezuela, a significant escalation of pressure against the regime of President Nicolás Maduro and countries including Russia and China that continue to support him, a senior administration official said. President Trump late Monday […]
Trump Imposes New Curbs In Bid To Pressure Maduro
(Bloomberg, 6.Aug.2019) — President Donald Trump imposed further sanctions on Venezuela, freezing the government’s assets in the U.S. and adding immigration restrictions in a move aimed at stepping up pressure on the regime of Nicolas Maduro. Property belonging to the Venezuelan government “may not be transferred, paid, exported, withdrawn, or […]
US Escalates Venezuela Sanctions
(Platts, 6.Aug.2019) — The US escalated sanctions against Venezuela late Monday and may use the executive order to target crude flows to China and India, analysts said Tuesday. Highlights Analysts see latest order acting as secondary oil sanctions Platts Analytics forecasts Venezuela output falling to 750,000 b/d President Donald Trump […]
The ‘Citgo 6’ Remain Imprisoned In Venezuela
(Oilprice.com, Tsvetana Paraskova, 5.Aug.2019) — Six U.S. executives at Citgo, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, were detained by Nicolas Maduro’s regime in Venezuela in November 2017 and the ‘Citgo 6’—as the men have become known—are still in jail nearly two years after their detention, while their […]
Trump Freezes All Venezuelan Govt Assets
(Reuters, Matt Spetalnick and Roberta Rampton, 5.Aug.2019) — U.S. President Donald Trump imposed a freeze on all Venezuelan government assets in the United States on Monday, sharply escalating an economic and diplomatic pressure campaign aimed at removing socialist President Nicolas Maduro from power. The executive order signed by Trump goes […]
Guaido Govt Authorized To Pick Citgo BODs, Court Says
(Energy Analytics Institute, Piero Stewart, 5.Aug.2019) — Court says National Assembly leader Juan Guaido authorized to appoint the directors of Houston-based refiner Citgo Petroleum, company spokesperson says. “Today’s decision is an important victory for Citgo. The Court’s affirmation of the Guaido Government’s authority to appoint the directors of Citgo, through […]
Citgo Petroleum Hails Legal Victory
(Citgo, 2.Aug.2019) — A Delaware court affirmed the authority of the Guaido Government to make appointments to the Citgo Petroleum Corporation Board of Directors (in Jiménez et al. v. Palacios et al.). Citgo responded that this decision is an important victory. The Court’s affirmation of the Guaido government’s authority to appoint […]
LatAmNRG Briefs and Heard On the Street: Guyana, Venezuela, Chile, Peru
(Energy Analytics Institute, Jared Yamin and Piero Stewart, 2.Aug.2019) — LatAmNRG briefs and heard on the street related to Sempra Energy’s divestments in South America, Tullow Oil plc’s three well exploration campaign in Guyana, and workers continue to quit work at PDVSA in Punto Fijo due to low salaries and […]
Venezuela Oil Exports Slid 17.5% In July-Data
(Reuters, Marianna Parraga, 1.Aug.2019) — Venezuela’s oil exports fell 17.5% in July to their second-lowest level since Washington imposed sanctions on the nation as state-run PDVSA finds fewer customers to take its oil, according to internal data from the company and Refinitiv Eikon. PDVSA and its partners exported a total […]
The U.S.’ Plan To Rebuild Venezuela After Maduro
(WSJ, Paulo Trevisani, 1.Aug.2019) — U.S. Commerce Secretary Wilbur Ross laid out a plan including credit and investment to help rebuild Venezuela’s economy under democratic rule, as Washington continues to push for new leadership in the struggling nation. The American plan is contingent on the removal of Venezuela’s authoritarian leader, […]
India Boosts Imports Of Venezuelan Oil
(Argus, 29.Jul.2019) — India’s imports of Venezuelan crude jumped by 25pc year on year in June and by 37pc from May, reflecting the limited reach of US sanctions on the South American nation. Imports from Venezuela rose to 303,000 b/d last month from 221,000 b/d in May and 243,000 b/d […]
Petropiar JV starts blending
(Reuters, 29.Jul.2019, Words: 316) — Venezuelan state-run oil company PDVSA said on Monday the Petropiar extra-heavy crude upgrader, part-owned by U.S. oil company Chevron Corp, had begun operations as a blending facility. The facility, which used to produce upgraded crude destined mainly for the U.S. market, is expected to produce […]
CITGO Foundation Holds Symposium On Venezuelan Health Crisis
(Citgo, 25.Jul.2019) — The Simón Bolívar Foundation, the 501(c)(3) non-profit, private foundation of CITGO Petroleum Corporation, held an educational and networking event last night for the Houston community regarding the public health situation in Venezuela. The event featured keynote addresses from two public health experts: Dr. Marino J. Gonzalez R. […]
Chevron Call To Chart Venezuela Sanctions
(Argus, 25.Jul.2019) — A US government decision over Chevron’s expiring license to work in Venezuela is the first test of its willingness to ease sanctions that have so far failed to bring about regime change. Under oil sanctions imposed on 28 January, the US Treasury gave Chevron and a clutch […]
Venezuela Opposition Divided Over ‘Oil-For-Food’ Program
(Reuters, Luc Cohen, 25.Jul.2019) — A proposal to modify U.S. oil sanctions on Venezuela to allow crude exports to be bartered for food has divided the country’s opposition between those who say the move would stave off famine and those who predict President Nicolas Maduro would abuse it. Henri Falcon, […]
Venezuela’s Oil Output Collapse: IHS Markit
(Ford Tanner, 23.Jul.2019) — Venezuela’s political crisis remains in stalemate. Escalating oil-sector sanctions imposed by the United States have contributed to massive declines in crude oil production, but the collapse of Venezuela’s petroleum industry has not resulted in a political shift. President Nicolás Maduro appears to maintain full control of […]
Fallout From Sweet Oil Deal For Venezuela’s Neighbors
(NPR, 20.Jul.2019) — It sounded like such a good idea at the time. The year was 2005. Global oil prices were climbing dramatically. Countries in the Caribbean were facing major fuel shortages. Venezuela, one of the world’s largest producers of crude, offered to ease the staggering fuel costs faced by […]
PDVSA Partly Restarts Amuay After Blackout
(Reuters, 18.Jul.2019) — Venezuelan state oil company PDVSA partly restarted activity at its 645,000 barrel-per-day (bpd) Amuay refinery where a blackout halted operations in early Jul., four sources with knowledge of the matter said, though it remained well below capacity. The refinery’s catalytic cracker restarted and was processing 68,000 bpd, […]
PdV To Tap Fractionator To Replace Imported Naphtha
(Argus, 9.Jul.2019) — Venezuela’s national oil company PdV is seeking to adapt its infrastructure to cope with a shortage of imported naphtha that is hindering heavy crude production and exports. The company said it plans to build two small pipelines at its Jose industrial complex to supply its 210,000 b/d […]
PDVSA to Restart CRP Refining by 10 Jul. 2019
(Argus, 8.Jul.2019) — Venezuela´s state-owned PdV plans to restart crude processing at the 940,000 b/d CRP refining complex by 10 July after electricity supply was restored on the Paraguana peninsula, the oil ministry said. The oil ministry said the CRP complex remained off line as of 6pm ET today, but […]
Venezuela To Blend Oil To Keep Exports Afloat: OilMin
(Reuters, 2.Jul.2019) — Venezuela will stick to its plan of blending domestic and foreign crude to maintain and even increase oil production and exports in the face of sanctions prohibiting U.S. companies from buying the country’s oil, oil minister Manuel Quevedo said on Tuesday. State-run oil company PDVSA in June […]
Chevron Seeks Relief From Trump’s Venezuela Oil Sanctions
(Bloomberg, Fabiola Zerpa, Peter Millard and Kevin Crowley, 2.Jul.2019) — Chevron Corp. is lobbying the U.S. for sanctions relief so it can continue doing business in oil-rich Venezuela where President Donald Trump has been pushing for regime change. Chevron executives have been telling local staff that the company expects waivers […]
Venezuela Reshifts Oil Output
(Reuters, Marianna Parraga and Luc Cohen, 28.Jun.2019) — Venezuelan state oil firm PDVSA is revamping one of its major processing operations geared to supplying U.S. buyers to produce instead a crude grade favored by Asian refiners, according to internal documents seen by Reuters. Sweeping U.S. sanctions on the government of […]
Court To Decide Fight For Control Of US Refiner Citgo
(Reuters, 26.Jun.2019) — A U.S. court will decide whether a board of directors appointed by Venezuelan President Nicolas Maduro or one backed by his rival, opposition leader Juan Guaido, runs the eighth-largest U.S. refiner, Citgo Petroleum Corp. A lawsuit filed by Maduro’s representatives on Tuesday in Delaware Chancery Court seeks […]
Opinion: Two Decades Of 21st Century Socialism In Venezuela
(Energy Analytics Institute, Pietro D. Pitts, 22.Jun.2019) — New data from BP’s Statistical Review of World Energy (2019) provides two 10-year periods of study, which reveal the two-decade collapse of Venezuela’s once all mighty oil sector under Chavez-Maduro. Simply, P1 reserves rose 76%, oil production fell 53%, and Venezuela’s R/P […]
US Seeks Info From Guaido’s Ad-hoc Citgo Board
(Reuters, 19.Jun.2019) — An ad-hoc board of directors for U.S. oil refiner Citgo, named by Venezuelan opposition leader Juan Guaido, said on Wednesday it has received a request for information from U.S. officials, who are probing its parent company PDVSA for alleged corruption. The board was named by Guaido, also […]
Fuel Crisis Denting PdV Upstream Operations
(Argus, 18.Jun.2019) — Venezuela’s severe motor fuel deficit is starting to weigh on the Opec country’s crude production, as oil workers struggle to reach their jobs, and oil equipment and supplies fail to reach oil fields. The fuel crisis could push output below the May average of around 750,000 b/d, […]
Canada’s Gulf Coast Exports Up As Venezuela Gap Filled
(Reuters, Collin Eaton, 18.Jun.2019) — Heavy crudes have poured into the United States this spring, offsetting the loss of Venezuelan oil and producing a mini-surplus, with Canadian heavy crude this month being exported from the U.S. Gulf Coast. U.S. refiners have lined up larger supplies from Canada, Iraq and Colombia […]