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PDVSA commences gasoline delivery across Venezuela
Jan. 2, 2020
Source: Reuters

PDVSA commences gasoline delivery across Venezuela

State-owned PDVSA has restarted supplying gasoline to fuel-deprived Venezuela on Tuesday. The company has announced delivery to six different regions from country’s large crude producing state Anzoategui. Costly and complicated fuel exports and refinery underinvestments had caused fuel shortages in many regions including country's capital Caracas. Shortages increased after there was a sharp decline in fuel exports from 210,000 BOPD in October to 135,000 BOPD in November.

Citgo registers 76% jump in 3Q profits
Dec. 7, 2019
Source: Reuters

Citgo registers 76% jump in 3Q profits

PDVSA-owned Citgo Petroleum Corp yesterday registered a 76.2% rise in profit for 3Q2019. Citgo recorded an increase of 14.3% in the total refinery throughput to 825,000 barrels per day (bpd) from the preceding quarter, with utilizing rate of 94%. The net income for the eighth-largest U.S. refiner by capacity rose to $215 million in the third quarter, compared to $122 million in the 2Q2019.

PDVSA to install generators for Chevron oilfields
May 4, 2019
Source: Reuters

PDVSA to install generators for Chevron oilfields

A storm of blackout in Venezuela paralyzed its crude production. After this, the OPEC nation has decided to make the crude prodcution "independent" of national grid. For this, PDVSA will install 20 generators for the the crude project partly owned by Chevron. The company informed that the generators will have a total capacity of 50 megawatts and would “increase the stability of (electricity) service for the extraction of daily barrels”.

PDVSA pumping station hit by fire
Feb. 20, 2019
Source: Reuters

PDVSA pumping station hit by fire

A crude oil pumping station owned by state-run PDVSA was caught in a fire yesterday. A company statement informed that the fire at the 300,000 bpd-Ero pumping station was controlled, with no one injured. PDVSA will, however, experience problems in the transport of crude through pipelines. PDVSA referred to the incident as “an act of sabotage perpetrated by the right-wing opposition.”

Oil prices climb over US sanctions on Venezuela
Jan. 29, 2019
Source: Reuters

Oil prices climb over US sanctions on Venezuela

Oil prices climbed on the back of new US sanctions on Venezuelan state-owned PDVSA. International Brent crude oil futures traded 0.2% lower, at $60.05 per barrel. US West Texas Intermediate (WTI) crude futures edged 0.3%, priced at $52.12 per barrel. The freshly imposed sanctions on the Venezuelan state-owned oil firm intend to diminish Venezuela’s crude exports to the US.

PDVSA strikes a deal with Erepla
Jan. 8, 2019

PDVSA strikes a deal with Erepla

The state-firm of Venezuela has signed a deal with US’ Erepla in order to support its country’s declining crude oil output. Erepla is partly owned by Florida Republican and was registered in November last year. The US firm will invest up to $500 million for three Venezuelan oil fields in return of which it will be provided with a portion of crude produced.

PDVSA begins paying to OVL
Dec. 6, 2018

PDVSA begins paying to OVL

ONGC Videsh Ltd (OVL) has received payment from PDVSA towards their $449 million of outstanding dues. The payment of USD 32 million came through Reliance Industries which bought Venezuelan crude oil last month. $449 million of accrued dividends from the San Cristobal field in Venezuela was due to OVL for four years. OVL owns 40% stakes in the field.

CNPC, PDVSA joint refinery project resumes
Dec. 6, 2018
Source: Reuters

CNPC, PDVSA joint refinery project resumes

China’s Caixin yesterday reported about the revival of a decade-old mega project between CNPC and Venezuelan state-owned PDVSA. The financial publication said that the CNPC-PDVSA JV refinery and chemical project will most likely commence operations in 2021. The $9.53 billion-refinery with a processing capacity of 400,000 barrels-per-day will be built in Jieyang, China. The project will incur 60% investment from CNPC, while PDVSA will contribute to the remaining 40%.

PDVSA makes a partial payment to ONGC
Nov. 1, 2018

PDVSA makes a partial payment to ONGC

In order to pay its overdue dividends to ONGC Videsh Ltd, Venezuelan state-owned PDVSA has shipped a $35 million crude cargo. This is the partial payment to the firm. This payment is in accordance with the deal signed by PDVSA and ONGC Videsh in 2016. If sources were to be believed, PDVSA did not transfer any money in over a year because of the economic breakdown in Venezuela.

PDVSA begins payment trail to ConocoPhillips
Oct. 26, 2018
Source: World Oil

PDVSA begins payment trail to ConocoPhillips

Supermajor, ConocoPhillips’ long-drawn legal battle with Venezuela has finally started to bore fruits. The US oil firm yesterday informed about receiving an initial payment of $345 million, which came in the form of “cash and commodities” from Venezuela’s PDVSA. ConocoPhillips crushed profit expectations for the third quarter, aided by PDVSA’s payment.

OVL says no to PDVSA
Sept. 10, 2018

OVL says no to PDVSA

Venezuela has not yet paid its past dues of USD 449 million, strategizing accordingly, ONGC Videsh Ltd (OVL) has overruled Latin American nation’s proposal for additional stake in an oilfield. OVL already holds 40% stakes in San Cristobal field and was offered 9% more by PDVSA last year. On November 4, 2016, two agreements were signed between OVL and PDVSA for the revival of the San Cristobal.

No end to PDVSA's problems
Aug. 29, 2018

No end to PDVSA's problems

According to the sources, after the tanker collision incident on the weekend, Jose port of Venezuela is partially operating at present. This has restrained upgraded crude export ability of PDVSA and also affected the import diluents capacity. Present fiscal year has seen PDVSA struggling to provide exports on time due to the US sanctions, sinking oil output, and creditors trying to take hold of overseas assets through legal action.

PDVSA agrees to pay Conoco
Aug. 21, 2018
Source: Energy Voice

PDVSA agrees to pay Conoco

A decade-old dispute between PDVSA and America’s ConocoPhillips is moving towards an important decision. ConocoPhillips has agreed to recover £1.5 billion with the Venezuelan oil major. Agreeing and recognizing the judgment of international arbitration panel, PDVSA will pay £390m in 90 days and the rest will be paid in the period of four years. American oil major will suspend its legal actions against PDVSA in the Dutch Antilles in return.

China to invest $250 million in Venezuela
July 5, 2018
Source: Bloomberg

China to invest $250 million in Venezuela

The Venezuelan Finance Ministry yesterday said that the China Development Bank will finance over $250 million to boost Venezuela’s oil production in the Orinoco Belt. Venezuela’s oil sector has been sending distress signal, and the Chinese investment might have showed up in time. A legal order, issued in May and granted to ConocoPhillips, froze the assets of PDVSA in Caribbean ports and terminals.

PDVSA halts payment of oil dues to ONGC Videsh
June 1, 2018
Source: Economic Times

PDVSA halts payment of oil dues to ONGC Videsh

Petroleos De Venezuela S.A. (PDVSA) has stopped payments to ONGC Videsh Ltd (OVL), the foreign arm of ONGC. OVL is yet to receive an amount of $450m, as dividend from San Cristobal field. Three instalments totalling $88m were received but the subsequent payments stopped. The company is now requesting PDVSA to allot oil in lieu of the dues.

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