Fox Business NEW YORK – Citigroup Inc blocked an attempt by Venezuelan state oil company PDVSA to make debt payments to a Siemens unit, a Citi executive testified on Wednesday in a U.S. trial over whether PDVSA is liable for the payments. n a bench trial that began on Tuesday in Manhattan federal court, PDVSA is contending that U.S. sanctions implemented in
Reuters Venezuelan state oil company PDVSA is turning to local partners as it seeks to plug the gap left by Western companies in the OPEC nation’s oil sector, according to interviews with a half dozen industry sources, as a key U.S. sanctions deadline looms. U.S. President Joe Biden must decide by June 3 whether to extend a measure allowing Chevron
Reuters CARACAS – Venezuelan Foreign Minister Jorge Arreaza on Saturday criticized a U.S. court ruling authorizing a sale of the shares in the parent company of U.S. refiner Citgo Petroleum Corp, calling it the result of a “fraudulent judicial process.” Citgo is a unit of Venezuelan state oil company Petroleos de Venezuela. A federal court in Delaware this week approved
Reuters The second of a group of three Iranian tankers entered Venezuelan waters on Wednesday, carrying fuel for the gasoline-starved nation, which is struggling under a collapsing oil industry and U.S. sanctions that have crippled imports and exports. The Iran-flagged vessel Fortune reached Venezuela’s exclusive economic zone at 1:45 a.m. local time (0545 GMT), following the same route as the
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, according to a summons filed with a Singapore court seen by Reuters. The attempt is a new threat against Venezuelan
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 to shipping data and industry sources. Washington is considering imposing sanctions on tankers involved in exporting Venezuela’s oil as the
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 is providing the South American country with up to 1.53 million barrels of gasoline and components to help it ease
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, which is expected to fall between 10% and 36% in Latin America through the first half of the year. Although
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 will lead the commission, which will focus on boosting crude production, Maduro said. El Aissami, who is already an external
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
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
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
