Sunday, 17 February, 2019

Brazil to Open Aid Storage Centre for Venezuela: Guaido Envoys

Venezuelan oil joint ventures switch to Russian bank Venezuelan oil ventures' accounts shifted to Russia's Gazprombank
Patty Aguilar | 11 February, 2019, 22:55

Venezuela buys a slew of products including medicines from India, and it is looking for alternative payment mechanisms after application of the latest stringent USA sanctions.

PDVSA also ordered its Petrocedeno joint venture with Equinor and Total to halt extra-heavy oil output and upgrading due to a lack of naphtha needed to make the production exportable, as the sanctions prohibit USA suppliers of the fuel from exporting to Venezuela.

Under Maduro's stewardship, oil-rich Venezuela's economy has collapsed leaving the country wracked by hyperinflation, recession and shortages of basic necessities such as food and medicine. Before sanctions, the United States bought more than 500,000 bpd, making it Venezuela's largest buyer. "They robbed Russian Federation, they robbed the people of Venezuela, and now we are starving".

Norway's Equinor and France's Total are among the companies who run joint ventures with PDVSA.

Last year, Reliance and Nayara jointly imported 344,100 bpd of Venezuelan crude, down 13 percent from 2017, according to ship tracking data reviewed by Reuters. In fiscal 2017/18, India's imports from Venezuela were worth $5.87 billion while its exports were $79.3 million, Indian trade ministry data showed. Secondary sources estimate production is about 1.2 million bpd.

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Mr Al-Araibi was detained at Bangkok airport on November 27 when he arrived in Thailand for his honeymoon with his wife. Mr Araibi was reportedly freed at 3.55pm on Monday and was expected to return to Australia on Monday night.

"Inventory levels, demand, supply are the elements taken into account while trying to maintain the balance the global industry needs", Quevedu said. He did not give a time frame.

The legislative body's chairman, Juan Guaido, has declared himself interim president of Venezuela, challenging Maduro's rule.

Venezuela's Oil Minister and President of Venezuelan state-run oil company PDVSA Manuel Quevedo listens to a speech during the Petrotech conference in Greater Noida, India, February 11, 2019. Maduro has denounced Guaido as a US puppet seeking to foment a coup. It is financial persecution.

Reliance Industries Ltd., an Indian refiner that operates the world's biggest processing complex, is taking a parcel of Venezuelan synthetic oil Hamaca that was originally scheduled for delivery to a LyondellBasell Industries NV plant in the US, according to person with knowledge of situation and shipping reports compiled by Bloomberg. "Now they want to steal Citgo Petroleum from Venezuela", he said.

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