• 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 1 day European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 days Demonising fossil fuels has caused major grid problem in Australia
  • 3 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 3 hours "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 8 days "And this is perhaps the most dangerous kind of government there can be."
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 5 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 330 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 7 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Editorial Dept

Editorial Dept

More Info

Venezuela’s PDVSA Drowns in Transport Costs

Bottom line: Transport costs are a sieve winnowing away Pdvsa’s profits and a recent investigation appears to show that at least three ships commissioned and inaugurated in public ceremonies by Pdvsa this year never set sail.

Analysis: In 2006, Hugo Chavez ordered the construction of 42 oil tankers to serve Venezuela’s state oil company, Pdvsa, which pays up to $15,000 a day to rent such ships. Reuters reported that they saw internal reports showing that in March 2013 Pdvsa had to lease 75 tankers from third parties, a huge cost to the state oil company. Contracts for those immediate and necessary services remain desirable for service providers. So it makes sense that Pdvsa would want to expand its own fleet, though just five new ships have been built since the 2006 mandate. At least three ships that were supposedly completed this year are apparently still at the shipyards abroad where they were built. The boats in question include “Eva Peron” (built in Argentina), “Carabobo” (in China) and “Sorocaima” (in Iran). A fourth ship, the Ayacucho, built in China, was delivered on Friday, 4 October. This highly publicized delivery came right after Reuters exposed the internal reports. Now officials are saying they expect a second delivery from China for the Boyaca ship, with the Carabobo to arrive in May 2014 and the Junin soon after that—all from China.  

Recommendation: It is unclear what the hold-up is, whether…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News