• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 18 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 20 hours Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Despite tightened budgets, frontier drilling…

Ukraine Steel Giant Faces 31% Drop in Steel Production

Ukraine Steel Giant Faces 31% Drop in Steel Production

Metinvest reported a 31% decrease…

PDVSA Oil Terminal Declares Bankruptcy

The operator of an oil terminal operated by Venezuela’s state oil company PDVSA has declared bankruptcy, blaming it on U.S. sanctions, Reuters has reported, citing court documents.

According to the court documents, the operator of the terminal on the Caribbean island of Bonaire filed for bankruptcy earlier this month, saying it could not keep paying its debts because U.S. sanctions had cut off its access to “international trade” and to cash in bank accounts.

However, the company, Bonaire Petroleum Corporation, said in its filing that there was a third party that could provide the money it needed to “satisfy its preferred creditors and offer a settlement to its unsecured creditors.”

The Reuters report notes that Bonaire Petroleum Corporation could store up to 10 million barrels of crude at its terminal and load tankers from deepwater docks. The company was ordered last year to remove the oil because of the danger of tank leaks.

There must have been hope in Venezuela that the new U.S. administration would lift sanctions, similar to its positive signals to Iran. However, President Biden is in no hurry to do that until his Venezuelan counterpart Nicolas Maduro gives a stronger signal that he is ready to negotiate with the opposition.

Meanwhile, the Maduro government is trying to turn things around for its battered oil industry that was the focal point of U.S. sanctions because of its vital importance for the Venezuelan economy.

Earlier this month, Maduro said the Venezuelan National Assembly would consider reforms to the country’s oil law that would open the door to “new business models.”

Foreign companies have expressed interest in getting their hands on some of Venezuela’s massive oil reserves, the biggest crude reserves in the world. But most international oil firms, especially the biggest ones with exposure to the U.S. stock and banking markets, will wait for U.S. sanctions to potentially ease before trying to enter the Venezuelan oil sector again.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



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