U.S. Court to Decide Who Will Control Citgo
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 to reassert control over Citgo , along with other U.S. subsidiaries of PDVSA , the Venezuelan state-run oil company.Citgo, Venezuela's most important foreign asset, has been caught in a tug-of-war as U.S. President…
Citgo's New Board Arrives, to Hold First Meeting
A board of directors appointed this month by Venezuela's opposition-controlled congress to run state-owned oil firm PDVSA's U.S. unit Citgo Petroleum on Thursday was arranging its first meeting at the company's headquarters, according with two people familiar with the matter.Venezuela's National Assembly, led by opposition leader and self-proclaimed president Juan Guaido, last week appointed new boards for PDVSA and subsidiaries PDV Holding, Citgo Holding and Citgo Petroleum amid a political battle to control the country's…
Top Citgo Executives Removed as PDVSA Chaos Continues
Citgo Petroleum Corp has removed at least three top executives close to Venezuelan President Nicolas Maduro, people familiar with the matter said on Monday, in a move to cement management control under a new board of directors.The U.S. refining arm of Venezuelan state-run oil company PDVSA has been thrust in recent weeks into the center of a political battle between an opposition leader and self-declared president backed by many Western nations, including the United States, and Maduro, a socialist whose re-election…
US Revokes Citgo CEO's Visa
Citgo Petroleum Corp, the U.S. subsidiary of Venezuelan state-run oil company PDVSA , said on Wednesday that the United States had revoked the visa of its president and chief executive Asdrubal Chavez, cousin of Venezuela's late president Hugo Chavez, but it did not say why.Late on Wednesday U.S. State Department spokesman Noel Clay said the United States has broad authority to revoke visas, but does not discuss individual cases because they are confidential under U.S. law.A Citgo spokeswoman said in a statement that…
Paralysis at PDVSA: Venezuela's Oil Purge Escalates
Decisions at some joint ventures with foreign firms are delayed. A growing number of oil tankers sit idle because no one authorizes payments. Employees struggle to get approval for routine expenses, from taxis to training. An alleged crackdown on graft in Venezuela, seen by critics as an effort by President Nicolas Maduro to consolidate power, has sown panic across the country's energy industry and all but paralyzed state-run Petroleos de Venezuela SA, or PDVSA, according to people at the company and across the sector.
Vens Tap PDVSA Chief to Also Lead Oil Ministry
The head of Venezuelan state oil company PDVSA, Eulogio Del Pino, was tapped on Tuesday to run the OPEC country's Oil Ministry. Del Pino, who will remain at the helm of PDVSA, will take over leadership of the ministry from Asdrubal Chavez to allow Chavez to run for parliament in December elections. The outgoing oil minister, a cousin of the late leader Hugo Chavez, was not a heavyweight in the oil sector and was generally seen as having more of a political role. Del Pino, however, is seen as a technocrat vying to turn around the socialist country's troubled oil sector.
Venezuela Oil Minister Sees Price Rise by End of Year
Venezuela's Oil Minister Asdrubal Chavez predicted on Tuesday that crude prices will rise by the end of the year, and called for continued cooperation between OPEC and non-OPEC producers. "We think the market is going to balance towards the end of the year, and we will see a recovery of prices," Chavez told an oil conference in Maracaibo, without offering details. The socialist-governed South American nation relies on crude oil for 96 percent of its foreign currency revenue and has been one of the worst-hit producers by the price slide.
Vens: Exporter Cooperation Key to Price Recovery
Venezuela's oil minister Asdrubal Chavez said on Tuesday that the best way towards achieving stabilisation in the oil market is through agreement and active cooperation among all exporters. In a statement ahead of Friday's meeting of the Organization of the Petroleum Exporting Countries, he also highlighted the work being undertaken at a technical level by OPEC and non-OPEC countries. "In this regard, one of the proposals is the need to establish a standing technical working group ... in order to monitor the market and make recommendations to increase the effectiveness of the decision-making process of the producing countries…
Venezuela Oil Delegation Meets Qatar Officials on OPEC Tour
Oil Minister Asdrubal Chavez led a Venezuelan delegation in Qatar for meetings with local officials on Wednesday following similar talks in Iran and Saudi Arabia on an OPEC tour seeking ways to boost crude prices, according to a government statement. The recession-hit South American nation is one of the Organization of Petroleum Exporting Countries group's worst-affected members from the oil price slide. So far unable to nudge Saudi Arabia and its Gulf allies into supporting supply cuts, Venezuela is exploring various options to boost its position including a proposal to blend its heavy crude with OPEC allies' light grades.
Vens in Iran, Saudi Arabia in OPEC Talks
Venezuelan delegation meeting Saudi deputy oil minister Tuesday. Venezuela's oil minister heads a delegation to meet Saudi Arabian oil officials on Tuesday, coming from talks in Iran, in an OPEC diplomatic tour as its need for higher oil prices gains urgency. Suffering from a slowing economy, soaring inflation and shortages, producer Venezuela is among the members of the Organization of the Petroleum Exporting Countries most deeply wounded by the oil price fall. Its need for OPEC to cut supply to support prices has failed to shift the stance of Saudi Arabia and its Gulf OPEC allies, which are focusing on protecting market share.
Financial Pressure Forces PDVSA to Embraces Pragmatism
CARACAS/HOUSTON, March 13 (Reuters) - A subtle change in office attire may be the most telling symbol of a quiet revolution taking place inside Venezuela's troubled economic engine, giant oil firm PDVSA. For years, PDVSA employees were encouraged to wear red shirts in support of late President Hugo Chavez's socialist movement. Rafael Ramirez, the former oil czar famously vowed the state-owned firm would be "redder than red" and sent workers to state rallies. Over the past few months, however, the company's new management - led by president Eulogio del Pino…
Asia-Bound VLCCs to Use Venezuela's St Eustatius Terminal
Venezuela's state-run PDVSA will use a terminal owned by U.S. firm NuStar Energy on the island of Saint Eustatius to store crude and load very large crude carriers (VLCCs) going to Asia, after deciding it will no longer rent a facility in the Bahamas, according to a PDVSA executive. PDVSA has been using the Saint Eustatius terminal in the Caribbean since March as a center to store and mix its crudes and produce exportable blends, the Venezuelan oil company confirmed after Reuters reported it this week. The company already started receiving crude tankers at the facility going out from Venezuelan ports.
Venezuela To Load Big Tankers at St Eustatius Terminal
Venezuela's state-run PDVSA will use a terminal owned by U.S. firm NuStar Energy on the island of Saint Eustatius to store crude and load very large crude carriers (VLCCs) going to Asia, after deciding it will no longer rent a facility in the Bahamas, a PDVSA executive said on Friday. PDVSA has been using the Saint Eustatius terminal in the Caribbean since March as a center to store and mix its crudes and produce exportable blends, the Venezuelan oil company confirmed after Reuters reported it this week. The company already started receiving crude tankers at the facility going out from Venezuelan ports.
