MARACAY, Venezuela/DUBAI – Venezuela has begun preparations to distribute fuel imported from Iran among desperate citizens as the fourth cargo of a five-tanker flotilla was crossing the Caribbean on Wednesday, according to Refinitiv Eikon and a government official.
Iran …
MEXICO CITY/NEW YORK – Latin American demand for refined products is rapidly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their main export destination.
The crisis has nearly shut down worldwide air travel and fuel demand, …
Venezuela’s President Nicolas Maduro declared an “energy emergency” as he announced a commission to revamp state oil company Petroleos de Venezuela SA, redoubling efforts to shore up the nation’s crumbling oil industry.
Economy Vice President Tareck El Aissami …
U.S. sanctions on Rosneft Trading SA threaten Venezuela’s ability to export oil, but pose only a limited threat to the Russian energy giant’s wider business.
The Geneva-based trading arm of Rosneft PJSC, was targeted by the U.S. for …
A crude tanker stuck at sea for over a year has become the latest front in the battle over Venezuela’s oil riches after being seized last week.
Citgo Petroleum Corp., led by appointees of Venezuelan opposition leader Juan …
MEXICO CITY/HAVANA – Venezuela’s state energy firm PDVSA has been shipping more oil this month to close ally Cuba, as tighter U.S. sanctions have worsened fuel shortages on the Caribbean island, according to sources and internal company documents seen …
MIAMI (AP) — Six American oil executives under house arrest in Venezuela were rounded up by police hours after President Donald Trump met Venezuelan President Nicolás Maduro’s chief opponent at the White House, according to family members of …
CARACAS – Venezuela’s state-run oil company PDVSA said its financial debt fell less than 0.1% in 2019 from the prior year to some $34.5 billion, though it remained in default on its bonds as sanctions freeze it out of …
Venezuela’s opposition has reached a deal with the custodians of a bond issued by state oil company PDVSA to prevent bondholders from seizing U.S. refining subsidiary Citgo, the bond’s collateral, until May, according to court filings and a source.…
Source: Reuters
CARACAS (Reuters) – Venezuelan state oil company PDVSA and Chevron Corp plan to turn their joint venture Petropiar plant back into a crude upgrader, after months operating as a less complex blending facility, three people familiar with the …
Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it …
In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner.
On Wednesday …
CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company.
In a statement released on Wednesday morning, the company’s board reported that the year-long search for …
From Reuters
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 …
From Reuters
A Venezuelan oil joint venture with a state-owned Chinese company has started an expansion project to boost output to 165,000 barrels per day (bpd), President Nicolas Maduro said on Thursday, from a current capacity of 110,000 bpd.
Sinovensa, …
A bevy of right-wing groups are asking the Trump administration not to intercede on behalf of the Venezuelan opposition government to keep Citgo Petroleum from being seized and auctioned.
The Houston-based refiner Citgo is owned by …
Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award.
A U.S. appeals court ruled on Monday that …
From Reuters
Venezuelan opposition leader Juan Guaido said on Tuesday he would seek to protect Chevron Corp’s (CVX.N) assets in the country if the United States does not renew a license allowing the company to operate despite sanctions on the …
From Reuters
VIENNA — 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 …
From Bloomberg
Citgo Petroleum Corp. received a subpoena from the Department of Justice stemming from an investigation into bribery in Venezuela, indicating …
From gCaptain/Reuters
German shipping firm Bernhard Schulte Shipmanagement (BSM) has moved to legally detain three of Venezuelan PDVSA’s oil tankers to collect on late payments owed to it by the state-run oil company, according to a document seen by …
Venezuelan state-owned oil company PDVSA expects its crucial crude upgraders to operate well below capacity this month, according to industry sources and documents seen by Reuters, as U.S. sanctions and energy blackouts hit the OPEC nation’s oil industry.…
Venezuela must pay ConocoPhillips more than $8 billion to compensate for the 2007 expropriation of oil assets by the late socialist leader Hugo Chavez, the World Bank ruled on Friday, making the U.S. energy company the largest victor …
France’s Maurel & Prom will invest $400 million to acquire a 40 percent stake in a Venezuela oilfield joint venture called Petroregional del Lago, state oil company PDVSA [PDVSA.UL] President Manuel Quevedo said on Monday.
Maurel & Prom …
From Bloomberg
New rules forcing ships to use cleaner marine fuels may deal yet another blow to cash-strapped Petroleos de Venezuela SA, an exporter of high-sulfur fuel oil.
From Jan. 1, 2020, vessels will have to switch to less-polluting …
From Reuters
Venezuela is considering producing fuels from foreign crude oil for the first time, according to planning documents seen by Reuters, as the country struggles to meet its obligations despite having the world’s largest crude reserves.
State-run oil company …
Russian state-owned oil giant Rosneft may end up owning U.S. downstream operator CITGO if Venezuela’s state-owned PDVSA is unable to pay back dues on a $1.5 billion loan from the …
