Post Tagged with: "pdvsa"

Source: Reuters

U.S. glass maker seeks to seize Venezuela-owned oil tanker to collect award, court papers show

Reuters


NEW YORK/MEXICO CITY – U.S. glass manufacturer O-I Glass Inc is seeking to seize an oil tanker owned by Venezuela to collect part of a $500 million arbitration award it won after the 2010 expropriation of two manufacturing plants, …

August 6, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Exclusive: Oil tankers turn away from Venezuela as more sanctions loom

Reuters


Two tankers that were sailing toward Venezuela to load crude have turned around since the weekend and three other vessels have left Venezuelan waters as the United States considers blacklisting dozens of ships for transporting the country’s oil, according …

Source: Reuters

Venezuela readies fuel distribution as fourth Iranian tanker enters Caribbean

Reuters


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 …

Source: Reuters

Falling Latam demand deprives U.S. refiners of top customers

Reuters


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, …

Source: Houston Chronicle

Maduro shakes up PDVSA as Venezuela faces oil emergency

Houston Chronicle


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 …

Source: Houston Chronicle

Sanctions on Rosneft unit threaten Venezuela’s vital oil trade

Houston Chronicle


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 …

February 19, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Houston Chronicle

Seized oil cargo is latest twist in Venezuela’s political fight

Houston Chronicle


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 …

February 17, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Exclusive: Venezuela’s PDVSA steps up fuel shipments to Cuba as shortages bite

Reuters


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 …

February 14, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: nbcnews.com

Venezuela rounds up US oil executives as Guaidó visits DC

Houston Chronicle


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 …

February 7, 2020 - 9:00 am Closing Bell Story‎, Energy News, International, People
Source: Reuters

India’s Reliance says purchases of Venezuelan oil have been approved by the U.S.

Reuters


NEW DELHI – India’s refining firm Reliance Industries (RELI.NS) on Thursday said its purchases of Venezuelan crude have been reported and approved by the U.S. government after American officials warned oil firms about their activity in Venezuela …

Source: Reuters

Venezuela’s PDVSA, in default, says total debt remained unchanged in 2019

Reuters


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 …

Source: Reuters

Exclusive: PDVSA’s partners act as traders of Venezuelan oil amid sanctions – documents

Reuters


CARACAS/PUNTO FIJO, Venezuela – Venezuela, its oil exports decimated by U.S. sanctions, is testing a new method of getting its crude to market: allocating cargoes to joint-venture partners including Chevron Corp (CVX.N), which in turn market the …

Source: Reuters

Venezuela opposition cuts deal to delay possible Citgo seizure

Reuters


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

PDVSA, Chevron to turn Venezuela crude blending plant back into upgrader: sources

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 …

Source: Citgo

Citgo’s New CEO Confident in an Uncertain Time

From The Houston Chronicle


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 …

Source: Citgo

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

From The Houston Chronicle


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 …

Source: Citgo

CITGO Board Appoints Former Venezuelan Oil Executive as CEO

From The Houston Chronicle


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 …

Source: Citgo

Citgo to Appoint New CEO to Navigate Political, Legal Turmoil – Sources

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 …

Venezuela Begins Expansion of Crude Joint Venture with China

Venezuela Begins Expansion of Crude Joint Venture with China

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, …

Right-Wing Groups Ask Trump Not to Intervene With Citgo

Right-Wing Groups Ask Trump Not to Intervene With Citgo

From The Houston Chronicle


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 …

Source: Citgo

Venezuela Faces the Loss of Citgo – and Desperately Needed Dollars

From The Houston Chronicle


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 …

Venezuela’s Guaido Pledges to Protect Chevron Assets if Trump Does Not Renew License

Venezuela’s Guaido Pledges to Protect Chevron Assets if Trump Does Not Renew License

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 …

To Keep Venezuela Oil Afloat, Venezuela Will Blend Domestic, Imported Oil

To Keep Venezuela Oil Afloat, Venezuela Will Blend Domestic, Imported Oil

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 …

July 3, 2019 - 5:03 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC, Trade
Source: Citgo

Citgo Gets U.S. Subpoena Related to Venezuela Bribery Probe

From Bloomberg


American unit of PDVSA has pledged full cooperation with probe, Businessman last week admitted to bribery for contracts

Citgo Petroleum Corp. received a subpoena from the Department of Justice stemming from an investigation into bribery in Venezuela, indicating …

Operator of Venezuelan PDVSA’s Fleet Seeks to Detain Tankers to Collect on Late Payments: Reuters

Operator of Venezuelan PDVSA’s Fleet Seeks to Detain Tankers to Collect on Late Payments: Reuters

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 …

May 24, 2019 - 11:54 am Closing Bell Story‎, Energy News, Transportation
Venezuela’s PDVSA Braces for Low Output from Crucial Crude Upgraders

Venezuela’s PDVSA Braces for Low Output from Crucial Crude Upgraders

From Reuters

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.…

April 5, 2019 - 4:24 pm Closing Bell Story‎, Crude Oil News, Energy News
Venezuela Must Pay Conoco More Than $8 Billion: World Bank

Venezuela Must Pay Conoco More Than $8 Billion: World Bank

From Reuters

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 …

March 8, 2019 - 5:30 pm Closing Bell Story‎, Crude Oil News, Energy News
U.S. Sanctions Venezuela’s PDVSA

U.S. Sanctions Venezuela’s PDVSA

Move cuts off Venezuela’s main cash source
The U.S. government announced sanctions on Venezuela’s PDVSA today, marking a major increase in the administration’s pressure campaign against Maduro’s regime.

While the U.S. has sanctioned many individuals involved in Venezuela’s government, it

France’s Maurel & Prom to invest $400 million in Venezuela oil venture: PDVSA

France’s Maurel & Prom to invest $400 million in Venezuela oil venture: PDVSA

From Reuters

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 …

January 9, 2019 - 3:21 pm Closing Bell Story‎, Crude Oil News, Energy News
Venezuela Faces Fresh Blow With Ship-Fuel Rules Threatening Exports

Venezuela Faces Fresh Blow With Ship-Fuel Rules Threatening Exports

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 …

October 1, 2018 - 8:00 am Closing Bell Story‎, Midstream