• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Reality catching up with EV forecasts
  • 4 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 9 days The Federal Reserve and Money...Aspects which are not widely known
  • 14 days US Oil Independence is a myth and will always be a myth
  • 14 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 17 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 17 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Oilfield Services Shine As Energy Earnings Lift Off

Oilfield Services Shine As Energy Earnings Lift Off

As earnings season kicks off,…

U.S. Oil Rig Count Slips Again

U.S. Oil Rig Count Slips Again

The total number of total…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russian Tanker Owner Holds PDVSA Oil Cargo Hostage Over Debts

Despite the fact that it managed to make the bond payment due last week, Venezuela’s PDVSA is in a precarious financial position, and regardless of the close Russia-Venezuela ties, a Russian state-run shipping company is now holding a tanker of PDVSA crude in the Caribbean over $30 million worth of unpaid shipping fees.

Russia’s shipper Sovcomflot has sued PDVSA in the Dutch island St. Maarten in the Caribbean and “imposed garnishment on the aforementioned oil cargo,” Reuters reported on Tuesday, citing a St. Maarten court decision.

PDVSA had sent the oil cargo to the Caribbean in October last year, hoping it could net around $20 million from the sale of the crude, but Sovcomflot claims the cash-strapped state-run Venezuelan company owes $30 million in fees.

ADVERTISEMENT

The oil has been transferred from the tanker to a storage terminal on the island of St. Eustatius near St. Maarten, under the court decision.

The UK Admiralty Court is to decide if the Russian company will take the PDVSA oil.

ADVERTISEMENT

The Venezuelan company owes not only shipping fees to the Russian company, but also millions of U.S. dollars to terminals around the Caribbean – including the St. Eustatius terminal owned by U.S. company NuStar Energy, Reuters said, citing a PDVSA executive and an employee at one of the terminals. Related: U.S. Oil Assets Could Fall Into Russian Hands If Venezuela Defaults

PDVSA is also months behind on shipping crude oil and fuel to China and Russia under oil-for-loan agreements with its two key political allies. The shipments that PDVSA has failed to deliver to Chinese and Russian state-held companies were worth around $750 million, a Reuters analysis showed back in February.

The latest PDVSA cash shortage for shipping fees has prompted the Russian shipping company to pursue legal action to take what it claims it’s due, despite the long-standing friendly relations between Venezuela and Russia.

Venezuela’s economic crisis is so spiraling out of control that the nation sitting on the world’s largest oil resources has gasoline running low in its capital city, Caracas.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

Leave a comment




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