pdvsa – Page 3 – Oil & Gas 360

Maduro shakes up PDVSA as Venezuela faces oil emergency

February 21, 2020

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. Source: Houston Chronicle Economy Vice President Tareck El Aissami will lead the commission, which will focus on boosting crude production, Maduro said. El Aissami, who is

Sanctions on Rosneft unit threaten Venezuela’s vital oil trade

February 19, 2020

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 helping to sell the commodity that bankrolls the regime of President Nicolas Maduro. The move could have a significant effect

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

February 17, 2020

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 Guaido, was weighing filing an insurance claim last week for theft after a tanker holding almost 1 million barrels of

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

February 14, 2020

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 by Reuters. Six vessels, most of them owned by PDVSA’s maritime arm, have exported an average of 173,000 barrels per

Venezuela rounds up US oil executives as Guaidó visits DC

February 7, 2020

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 the men. Alirio Zambrano said early Thursday that the executives of Houston-based Citgo were abruptly taken from their homes last

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

February 6, 2020

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 a day earlier. The United States on Wednesday said oil companies, including Reliance, Russia’s Rosneft (ROSN.MM), Spain’s Repsol (REP.MC) and U.S.-based

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

January 27, 2020

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 the global banking system. PDVSA, which is short for Petroleos de Venezuela S.A., has stopped paying interest on most its

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

January 13, 2020

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 oil to customers in Asia and Africa. This would not violate sanctions as long as sale proceeds are used for paying off

Venezuela opposition cuts deal to delay possible Citgo seizure

November 19, 2019

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. The opposition-appointed PDVSA board, which is recognized in the United States as the company’s rightful representation, last month sued in

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

November 5, 2019

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 operation said. The companies plan to begin producing Hamaca-grade synthetic crude for export at the plant early next year, said

Citgo Gets U.S. Subpoena Related to Venezuela Bribery Probe - Oil & Gas 360

Citgo’s New CEO Confident in an Uncertain Time

August 23, 2019

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 and its parent company’s role in an alleged foreign bribery scheme. And its facing mounting pressure to do something about

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

August 22, 2019

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 a Delaware judge issued a final order approving the Guaido board, who have been effectively leading Citgo since the opposition

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