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 end relationships with PDVSA following sanctions…
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 spooked other foreign companies operating in the OPEC nation in partnership with state oil company PDVSA.
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, though a series of corruption probes are under way at PDVSA and have entangled other employees.
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 , Castleton Commodities, Rosneft and CT Energia contracts to buy more than 15 cargoes of gasoline blend stock…
Aruba, Citgo Agree to Reopen Idled Refinery
The Citgo Petroleum refining unit of Venezuela's state oil company Petroleos de Venezuela SA (PDVSA) has reached a deal to lease and restart an idled 235,000-barrel-per-day refinery in Aruba, the government of the Caribbean island said on Friday. The agreement involves a 25-year lease that would allow Citgo to operate the refinery after investing in an overhaul that Aruba said could cost at least $1 billion.
Moody's Reviews Saipem's Rating
San Donato Milanese (Milan), February 10, 2016 – Saipem S.p.A., informs that today Moody’s, through the publication of a press release on its website [www.moodys.com] given below has communicated that it has placed under review the provisional issuer rating of "(P) Baa3 " attributed to Saipem, for a possible downgrade. Saipem was assigned its provisional rating…
AAL Delivers First Cargo Shipment for PDVSA
Leading multipurpose shipping operator, AAL, has successfully delivered its first shipments of heavy lift cargo, destined for the Petroleos de Venezuela SA (PDVSA) Puerto La Cruz Refinery in eastern Venezuela. Part of a multi-billion dollar expansion and deep-conversion modernisation project, the first cargo shipment of 40,000 cbm of modular…
Two Arrested in Venezuelan Corruption Scheme
Two men including an oil equipment supply firm executive have been arrested on charges related to an alleged scheme to corruptly secure energy contracts from Venezuela's state-owned energy company, the U.S. Justice Department said Sunday. Roberto Rincon, the president of Texas-based Tradequip Services & Marine, was arrested on Wednesday…
Offshore Venezuela Gas Field, Perla, Deal Agreed
Venezuela's state oil company Petroleos de Venezuela SA (PDVSA) signed a joint venture agreement with Italy's Eni SpA and Spain's Repsol SA on Wednesday to develop a natural gas field that holds some 15 trillion cubic feet of reserves. Eni and Repsol will provide $1 billion in financing for the offshore Perla project, Repsol said in a statement…
Petrobras Secures Loan for RUpdate: efinery
Petroleo Brasileiro SA borrowed 4 billion reais ($1.8 billion) in a 17-year loan from Banco Bradesco SA to help pay for work on the Abreu e Lima refinery in northeastern Brazil, a source with direct knowledge of the deal said on Tuesday. Petrobras, as Brazil's state-controlled oil producer is known, will pay annual interest of 9.5 percent plus Brazil's TR minimum savings remuneration rate…
Petrobras Secures $1.8b Loan for Refinery
Petroleo Brasileiro SA borrowed 4 billion reais ($1.8 billion) in a 17-year loan from Banco Bradesco SA to help pay for work on the Abreu e Lima refinery in northeastern Brazil, a source with direct knowledge of the deal said on Tuesday. Petrobras, as Brazil's state-controlled oil producer is known, will pay annual interest of 9.5 percent plus Brazil's TR minimum savings remuneration rate…
