• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 14 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 6 hours Renewables provided only about 4% of total global energy needs in 2018
  • 3 hours Platts says if Iran's 2 mm bbls exports comes back on market oil goes to $40 . . . What about new Permian pipelines 2.47 mm bbls coming ? . . . WHAT IF BOTH IRAN AND PERMIAN TOTAL 4.47 mm added bbls . . . OMG !
  • 1 hour Today United States President Trump Questioned U.S. Policing Straights of Hormuz for Rich Asian Countries. Allies Britain and Japan asked to participate. They said NO. Nice friends, huh. US spends $100 Billion a year Protecting Mideast Shipping Lanes!
  • 3 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 6 hours N.Y. Governor Signs Climate Bill
  • 2 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 22 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 16 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 21 hours How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 3 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Shale Oil will it self destruct?
Long Speculator Exodus Sinks Crude Oil

Long Speculator Exodus Sinks Crude Oil

Money managers are closing long…

Colombia’s Push To Triple Proven Oil & Gas Reserves

Colombia’s Push To Triple Proven Oil & Gas Reserves

Colombia’s new government sees the…

PDVSA Settles With NuStar On Caribbean Storage Hub

Nu Star

Venezuela’s state-owned oil company, PDVSA, has struck an agreement with oil storage facilities operator NuStar to resume the use of a terminal on the Caribbean island of St. Eustatius, Reuters reports, quoting NuStar.

The news comes on the heels of another report: yesterday PDVSA also reached a settlement with ConocoPhillips to pay the U.S. company US$2 billion, awarded to it by an international court for the forced privatization of two projects in Venezuela in the early 2000s.

The St. Eustatius terminal was one of the PDVSA owned or used assets in the Caribbean that Conoco earlier this year seized in an effort to force the Venezuelan company to pay its dues. PDVSA resisted as long as it could, but apparently push came to shove and PDVSA found the money to settle with both companies.

In an email to Reuters, NuStar said “We can confirm that we have signed an agreement with PDVSA, which brings their account current. This agreement improves the earnings outlook for our St Eustatius terminal for the remainder of 2018.”

The news will probably also improve PDVSA’s performance outlook for the rest of the year: Conoco’s asset seizure severely challenged the Venezuelan company’s ability to fulfill its oil cargo delivery commitments. But NuStar has also made life difficult for the company on several occasions when it suspended its access to the St. Eustatius terminals because of millions in missed payments. The NuStar dispute made it more difficult for Conoco to seize PDVSA’s oil stored on the island.

The Caribbean assets that Conoco seized earlier this year to make PDVSA pay up were two tankers with a combined load of 800,000 barrels of crude and oil products, a 10-million-barrel oil storage facility, and fuel inventory at a 335,000 bpd refinery.

Conoco is one of several companies suing Venezuela for the nationalization of assets by the Chavez government. Another one, Canadian miner Crystallex, earlier this month won approval from a U.S. judge to go after PDVSA’s U.S. subsidiary Citgo to recover the damages it claimed from the nationalization of its Venezuelan operations.

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