Under Military Rule, PDVSA Workers Quit in Stampede
Chauffeured around in a sleek black pick-up, the head of Venezuela's oil industry, Major General Manuel Quevedo, last month toured a joint venture with U.S. major Chevron. Flanked by other trucks carrying security guards, Quevedo passed a handful of workers waiting by an oil well cluster. They wanted a word with the OPEC nation's oil minister and president of its state-run oil firm, PDVSA, about the sorry state of the company. Quevedo and his caravan drove on by.
U.S. Considers Venezuela Oil Sanctions
The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a U.S. official said. With Maduro running for another term in an April election that Washington and its allies oppose as a sham, the United States is weighing sanctions that would target Venezuela’s vital oil sector beyond what has been done before…
Venezuela Arrests Ex-oil Bosses
Venezuelan authorities on Thursday arrested two once-powerful officials who had run the oil ministry and state energy company PDVSA as part of a deepening industry purge also seen as a power play by leftist President Nicolas Maduro. In the highest-profile arrests to date, engineer Eulogio Del Pino and chemist Nelson Martinez were detained early on Thursday on accusations of graft and seeking to sabotage the nation's ailing energy industry…
Vens Restructure Debt, But Default Looms
Venezuela on Thursday announced plans to restructure its burgeoning foreign debt, a move that may lead to a default by the cash-strapped OPEC nation whose collapsing socialist economy has left its population struggling to find food and medicine. President Nicolas Maduro vowed to make a $1.1 billion payment on a bond maturing on Thursday, but also created a commission to study "restructuring of all future payments" in order to meet the needs of citizens.
PDVSA Debt Payment to Test Vens Socialist Party
Venezuelan state oil company PDVSA faces a $1.2 billion bond payment on Thursday that will test the ruling Socialist Party's resolve to pay its foreign debt despite a crippling economic crisis that has spurred widespread food shortages and malnutrition among children. Markets remained optimistic that President Nicolas Maduro's government will make the payment, though investors expect delays.
Asia Could Import more Venezuelan Crude if U.S. Sanctions Hit
North Asian refiners keen to buy; Indian refiners may raise Venezuela purchases as well. Asia would be the biggest beneficiary of any potential sanctions by the United States on Venezuela's oil sector, said traders and analysts, as exports from the South American OPEC member could be redirected to the region, filling a vacuum left by producer supply cuts. Washington is considering sanctions…
U.S. Senators Against Blockade of Venezuela Oil Cargoes
Four U.S. Senate Republicans from oil refining states urged the Trump administration on Thursday to not block oil shipments from Venezuela as part of U.S. sanctions against the country, saying it could raise costs for U.S. fuel consumers. The United States sanctioned President Nicolas Maduro and other Venezuelan officials after Maduro established a constituent assembly run by his Socialist Party loyalists and cracked down on widespread opposition.
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, comes after a prominent government-allied lawyer said a new legislative…
PDVSA Awards $138 mln Contract to Tackle Petcoke Problem
Venezuelan state oil company PDVSA said on Friday that Maroil Trading Inc has won a $138 million contract to remove a large pile of petroleum coke at the Jose solids terminal in the eastern state of Anzoategui. Petcoke, a byproduct of upgrading tar-like Orinoco oil into lighter crude, has accumulated quickly at Jose since a 2009 fire temporarily halted its export. The large black dunes have drawn criticism from environmentalists and nearby communities.
Venezuela Freeze Deal Could Boost Oil Prices
A deal to freeze oil production could help buoy depressed crude prices by $10 to $15 dollars a barrel, according to Venezuela's Oil Minister Eulogio Del Pino, who called on OPEC and non-OPEC countries to join the agreement. Leading OPEC member Saudi Arabia, non-OPEC member Russia, Qatar and Venezuela agreed last week to freeze output at January levels if others joined in. Iran welcomed the…
Brazil's Elite in Crosshairs as Petrobras Scandal Widens
A corruption scandal at state-run oil company Petrobras has entered a volatile new phase that could lead to jail for some of Brazil's best-known politicians and business leaders while making a likely recession even worse. A prosecutor's motion on Tuesday to open investigations against 54 individuals, reportedly including the leaders of both chambers of Congress, means a swathe of Brazil's political elite now feels threatened.
Venezuela Uses 'F Word' to Discredit Fracking
Venezuela is not mincing words with a new exhibition titled "F---ing Fracking" that denounces the environmental toll of hydraulic fracturing in the United States. "Today at 4pm .... Inauguration of the educational exhibit #FuckingFracking ... Don't miss it," ruling Socialist Party official Ernesto Villegas said on Twitter. The event features speeches by an economist and oil expert, and will wrap up with a play, according to a half-page advertisement in newspaper Ultimas Noticias.
Venezula President Pushes Currency, Fuel Reforms
Maduro makes bid to combat black market for dollars; says it's time to hike domestic gasoline prices. President Nicolas Maduro shook up complex currency controls on Wednesday and also prepared Venezuelans for a rise in the world's cheapest fuel prices in response to a recession worsened by plunging oil revenue. The socialist-run OPEC member's economy shrank 2.8 percent in 2014 while inflation topped 64 percent…
Petrobras Graft Involves at Least 28 Politicians
At least 28 Brazilian politicians, including government ministers, governors and congressional leaders, allegedly received money from a corruption scheme that diverted funds from state-run oil company Petrobras, Estado de S. Paulo newspaper reported on Friday, citing testimony from a key witness. The list includes eight members of the ruling Workers' Party (PT), eight from the Brazilian Democratic Movement Party (PMDB)…
Oil Slide Puts Venezuela's Maduro Under Pressure For Reforms
The slump in global oil prices has heightened pressure on President Nicolas Maduro to enact politically risky reforms to bolster Venezuela's weak public finances and its ability to pay down debt. Crude prices under $85 have given new voice to reformers within Maduro's government, and critics outside, who say he needs to make urgent changes. "The government continues to study the changes ...
US Restricts Travel by Venezuelan Officials
The United States imposed travel restrictions on Wednesday on some Venezuelan government officials it accuses of rights abuses in a crackdown on protests against President Nicolas Maduro this year. Three months of demonstrations led by hard-line opposition and student leaders earlier this year led to violence that killed 43 people in the South American OPEC member nation's worst unrest for a decade.
Trading Dutch Well Placed to Pursue Russia Sanctions
The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly by Moscow-backed rebels in eastern Ukraine, of Malaysian Airlines flight MH17 with the loss of 193 Dutch lives, a growing Dutch chorus has called for the country to use its trade power to hit Russia in the wallet. Dozens of Russian firms have chosen to incorporate in the Netherlands to save money on tax…
