Saturday, 16 February, 2019

Venezuela shifts oil ventures' accounts

Venezuela moves to replace US executives on Citgo board Citgo is facing unprecedented challenges to its finances and management after the US imposed sanctions on PDVSA
Kenny Thornton | 11 February, 2019, 20:44

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.

Juan Guaidó, the legislative body's chairman, has proclaimed himself the interim president of Venezuela, challenging President Nicolás Maduro's rule.

Venezuela's oil production has dwindled in the last two decades, from more than 3 million barrels per day (bpd) at the beginning of the century to between 1.2 million and 1.4 million bpd by late 2018. The bottleneck has caused problems for PDVSA to continue producing and refining oil without imported diluents and components.

Venezuela's Oil Minister and President of Venezuelan state-run oil company PDVSA Manuel Quevedo (C) arrives to attend the Petrotech conference in Greater Noida, India, February 11, 2019.

The Venezuelan oil minister, who now holds the rotating presidency of the Organisation of the Petroleum Exporting Countries (OPEC), said it was important to listen to all the consuming countries that represent oil demand to maintain the balance of demand and supply in the markets. "We have a good relationship with India and we want to continue this relationship".

"US exercises kidnapping of resources around the world".

Doctor hails 'miracle' baby girl in good spirits after drain ordeal
The naked baby can be heard screaming as she is brought out into the sunlight and gently placed into a towel held by a paramedic. When they finally got to the baby they broke into the pipe and managed to reach in and grab her.

Venezuela will need to make a lot more such sales to sustain its oil industry.

Last year, when asked by Iran for support, OPEC did not issue any formal comments on the US sanctions on Iran either. That has turned oil ships into floating storage facilities.

The United States and dozens of other countries have recognized Guaido as the nation's legitimate head of state.

Citgo Petroleum Corp is a unit of PDVSA and Venezuela's top foreign asset.

Maduro is refusing to step down or call for a new election, accusing the USA of orchestrating a coup attempt. "But we stress that no new accounts were opened and are planned to be opened in the bank", the spokesman said. "Now they want to steal Citgo Petroleum from Venezuela", Quevedo said, confirming Venezuela's efforts to remove the two US executives from the board. "The United States is simply trying to eliminate competitors".

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