US Okays LPG Exports to Venezuela
The U.S. government on Monday authorized shipments to Venezuela of liquefied petroleum gas, mainly used in the OPEC nation as cooking fuel and currently in short supply, causing people to burn large amounts of wood.The U.S. Treasury Department authorized through July 8, 2022, some exports and re-exports of the gas…
PDVSA Creates New Ports Unit Amid Company Shakeup
Venezuela's state-run oil company Petroleos de Venezuela has created a new unit to run its oil terminals, according to a copy of the government's official gazette seen by Reuters and a person with knowledge of the matter.The launch of the new unit, PDV Puertos S.A., comes after socialist President…
Coronavirus-related Inspections Delay Venezuelan Oil Exports
At least two cargoes of Venezuelan crude have been delayed due to health inspections aboard tankers to prevent the spread of the coronavirus, according to an internal document from state oil company Petroleos de Venezuela seen by Reuters.The delays add to a growing glut of tankers loaded with Venezuelan crude that preceded the coronavirus crisis as U.S.
Venezuelan Detains More than 30 PDVSA Workers
At least 38 workers from Venezuela's state oil company Petroleos de Venezuela’s, including the president of maritime subsidiary PDV Marina, were detained on accusations of trafficking fuel, Venezuelan Interior Minister Nestor Reverol said on Saturday, describing the accusations as "treason."The…
Venezuela Alters Oil Royalty Formulas, Driven by IMO 2020
Venezuela has changed the formulas for calculating royalties energy companies pay the government to remove references to fuel oil and some crude grades, driven by stricter rules governing marine fuel emissions, according to a document seen by Reuters.A ban by the United Nations shipping agency…
CITGO Formally Cuts Ties with PDVSA
U.S. refiner Citgo Petroleum Corp is formally cutting ties with its parent, state-run oil firm Petroleos de Venezuela SA, to meet U.S. sanctions imposed on the OPEC country, two people close to the decision told Reuters on Tuesday.Executives at the Houston-based firm set a Feb. 26 deadline to…
Conoco Gets $345 mln from Venezuela's PDVSA
U.S. oil producer ConocoPhillips on Thursday said it received $345 million in cash and commodities last quarter from Venezuelan state oil firm PDVSA under a settlement that came after Conoco seized some of PDVSA's assets in the Caribbean.The proceeds were part of a first installment under a deal…
Ex-Hess Exec to Lead Restart of Idled Caribbean Refinery
The owners of an idled oil refinery in the U.S. Virgin Islands that once ranked among the world's largest have hired a former Hess Corp executive closely acquainted with the facility to oversee its return to service.Brian Lever, who ran the former Hovensa refinery on St. Croix for Hess and partner Petroleos de Venezuela until it filed for bankruptcy in 2012…
Venezuela's Creditors Call for Unity
A group of institutional investors holding roughly 13 percent of Venezuela's foreign debt said on Monday it will not back any restructuring plan that does not imply equal treatment for all creditors. The government of President Nicolas Maduro has halted almost all foreign debt payments, leaving Venezuela…
Venezuela Frees Chevron Executives Held Since April
Venezuela has released two local executives of U.S. oil major Chevron Corp jailed since mid-April during a corruption probe in the oil sector, authorities and the company said on Wednesday. The arrests of Carlos Algarra and Rene Vasquez by intelligence agents at Chevron's Puerto La Cruz offices…
Explosion at major PDVSA Refinery Injures Two
A furnace exploded during a unit restart at Venezuela's largest refining complex, injuring two workers, a union leader and a family member of one of the victims said on Wednesday. The explosion occurred on Tuesday night at the naphtha reformer of the Cardon refinery on the Paraguana peninsula, the sources said, adding the two victims received medical treatment.
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…
Venezuela Arrests Head of PDVSA's Bariven Unit
The head of Venezuelan oil company PDVSA's subsidiary Bariven was arrested this week, according to two sources and an internal message seen by Reuters, as a graft investigation in the OPEC member swells. Francisco Jimenez, the head of procurement arm Bariven, was detained on Tuesday afternoon at PDVSA's Caracas headquarters, the internal message read.
Venezuela Arrests Top Oil Exec, 8 Other PDVSA Employees
Venezuela has arrested the state oil company's boss for the western region and eight other executives at PDVSA, according to an internal company memo and a half-dozen sources in the OPEC member's oil industry. It was not immediately clear why Gustavo Malave and the other employees were apprehended…
PDVSA Prepares to Meet Foreign Debt Commitment
Venezuelan state oil company Petroleos de Venezuela (PDVSA) has initiated bank transfers to meet its foreign debt commitments for the month, the company said in a statement on Thursday. PDVSA, the main source of foreign exchange earnings for the South American country, must pay more than $3.0 billion in debts in the remainder of 2017.
PDVSA Guarantees Investor Security amid Uncertainty
Venezuela's PDVSA is guaranteeing "legal security" for all foreign companies in the leftist-run nation, the state oil producer said in a statement, rebuffing a government adviser's suggestion that their operations could be nationalized. The statement, which was distributed to its joint venture partners and which Reuters saw…
PDVSA Readies Armada of Fuel Imports
About a dozen tankers are sailing to Venezuela or waiting offshore to discharge cargoes after state-run oil company PDVSA ramped up tenders to buy gasoline and other fuels to offset its weak refining output, according to traders and Thomson Reuters data. Petroleos de Venezuela SA (PDVSA) recently awarded BP…
Schlumberger: Ecuador's Unpaid Bills to Hurt Quarterly Results
OPEC production cuts and economic woes are complicating Schlumberger NV's efforts to collect $1.1 billion from Ecuador's state-owned Petroamazonas, casting a cloud over the oil services company's first-quarter results. "Continuing payment issues" in Ecuador are hurting earnings, Chief Executive…
India's ONGC says Venezuela's PDVSA to Supply Oil
Venezuela's national oil company Petroleos de Venezuela has agreed to supply oil on a monthly basis to India to help settle dues which Venezuela owes to India's Oil and Natural Gas Corp. Ltd, ONGC Chairman D K Sarraf said on Thursday. He said the agreement with PDVSA would be signed shortly.
Lack of Investment, Payment Delays dog PDVSA Output
Venezuela, which holds the world's largest crude reserves, is on track to suffer its steepest annual oil output drop in 14 years as it suffers the effects of an economic crisis and years of under investment and mismanagement, according to data seen by Reuters and interviews with company sources and workers.
