• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 24 mins China's Blueprint For Global Power
  • 34 mins World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 7 hours PETROLEUM for humanity 
  • 5 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 5 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 2 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 2 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 5 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 8 hours Brexit agreement
  • 7 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 8 hours Why don't the other GOP candidates get mention?
  • 6 hours Idiotic Environmental Predictions
Why Did Rick Perry Resign?

Why Did Rick Perry Resign?

Rick Perry has become the…

PDVSA Declares Emergency On Tanker Fleet

Tanker PDVSA

Venezuela’s struggling oil company PDVSA declared a maritime emergency after a German company operating a portion of its tanker fleet said it planned to return ten vessels because of unpaid fees, Reuters reports, citing a PDVSA document and anonymous sources.

The news is the latest in a string of bad tidings for PDVSA, which has found itself juggling falling crude oil production due to mismanagement and U.S. sanctions, and an outflow of qualified personnel, including in the tanker department.

According to Reuters, the company needs as many as 160 people, including tanker captains, machinists, and operators, to bring back the ships that Germany Bernhard Schulte Ship Management (BSM) is returning because of unpaid fees. However, PDVSA does not have these crews.

The pile of unpaid PDVSA bills is getting higher: last month, the German company said it would abandon two of the Venezuelan company’s vessels in Portugal because of unpaid bills to a number of third-party companies.

Another tanker operated by BSM on behalf of PDVSA was seized by a group of shipping firms in Curacao, again because they were owed money by the Venezuelan company and were not getting any.

In total, Reuters reports, there are more than a dozen tankers loaded with Venezuelan crude around the world that are being held in arrest because of unpaid bills.

The struggle for PDVSA has been tough, but the latest round of U.S. sanctions made it even tougher as they specifically targeted the state oil company, effectively cutting its access to U.S. refiners, with Washington urging other buyers of Venezuelan oil to steer clear of it.

The pressure is aimed at removing President Nicolas Maduro from office and replacing him with opposition leader Juan Guaido who declared himself interim president and called for new elections in January. For now, however, the Maduro government is holding on to power as several million Venezuelans have left the country amid hyperinflation and shortages of basic goods.

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