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PDVSA diverts storage, shipping away from Caribbean – Kallanish Energy News


Venezuela’s state oil company, PDVSA, is moving to prevent U.S. oil giant ConocoPhillips from temporarily seizing its assets in the Caribbean, and has started to suspend oil storage and shipping from those facilities.

PDVSA began concentrating most shipping at its main crude terminal of Jose on Venezuela’s eastern coast and is recalling tankers to Venezuelan waters to avoid seizures, Reuters reported.

“We are no longer storing or shipping oil from the Caribbean islands. We are now mostly depending on Jose,” a PDVSA source was quoted as saying.

A senior official at the company told Argus the Venezuelan ports of Jose and Guaraguao would fill up “in a matter of days” if PDVSA can’t sustain exports. The alternative would be extensive floating storage but the firm can’t afford…

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*** This news item is 3rd party content and is included strictly for non-commercial informational purposes.

sources – Kallanish Energy News


U.S. oil major ConocoPhillips (COP) has moved to take the Caribbean assets of Venezuela’s state-run PDVSA, to enforce a $2 billion arbitration award concerning the decade-oil nationalization of its projects in the South American country, three sources told Reuters.

The company has targeted facilities on the islands of Curacao, Bonaire and St. Eustatius that accounted for roughly 25% of Venezuela’s oil exports in 2017. The trio of facilities plays key roles in processing, storing and blending PDVSA’s oil for export, according to Reuters.

The company received court attachments freezing assets at least two of the facilities, and could move to sell them, one of the sources told Reuters.

ConocoPhillips’ legal maneuvers could further impact PDVSA’s declining oil revenue and the…

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*** This news item is 3rd party content and is included strictly for non-commercial informational purposes.