• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 2 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 9 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 2 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 8 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 17 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 2 hours US to Drown the World in Oil
  • 12 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 4 hours Iran Is Winning Big In The Middle East
  • 6 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 2 hours With Global Warming Greenland is Prime Real Estate
  • 2 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 21 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 6 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 9 hours LA Solar Power/Storage Contract

Maduro Names Chavez’ Cousin As Citgo Boss

Maduro PDVSA

Venezuela’s President Nicolas Maduro appointed the cousin of late Hugo Chavez, Asdrubal Chavez, as the new head of PDVSA’s U.S. refining and marketing business, Citgo. The announcement comes in the wake of the arrest and removal of Citgo’s president and five senior executives earlier this week.

The arrests were part of a larger-scale corruption crackdown that also saw nine PDVSA executives and a deputy minister get detained on allegations of falsifying crude oil production numbers.

The arrests, and the appointment of Asdrubal Chavez who led the oil ministry of Venezuela between 2014 and 2015, are part of a stated “crusade” against organized crime that was initiated by Venezuela’s new attorney general, Tarek William Saab, who took office in August. Recently, Saab said he had unveiled a deal worth about US$4 billion, in which Citgo has been used as a guarantee. The deal, the AG said, would have been detrimental to Venezuela.

Embattled Venezuela stopped making payments on its debts earlier this month, and according to a growing number of sources is effectively in default. Its oil production is falling due to lack of funds to maintain fields and infrastructure. However, Venezuela may have found a replacement for at least part of its lost oil revenues: natural gas exports.

Related: Is This The Ultimate Fuel For Millennials?

Reuters reported earlier today that PDVSA was in talks with Colombia, Trinidad and Tobago, and Aruba, to ship natural gas to them. The country has substantial gas reserves offshore, but they have been neglected in favor of oil so far.

Until recently, Colombia was the one exporting gas to Venezuela, but now PDVSA has modified the pipeline that carried that gas so that it can flow in the opposite direction. The talks with Ecopetrol have taken a long time, a PDVSA official said, because of the weak gas prices, which have made it difficult to agree on the size of the export deal.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play