• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 5 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 14 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 8 hours Let's shut down dissent like The Conversation in Australia
  • 4 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 6 mins Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 1 hour Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 2 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 14 hours Hong Kong protesters appeal to Trump for support.
  • 4 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 7 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 22 hours Saudis Buying Oil From Iraq
  • 23 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 7 hours Iran in the world market
Trade War Optimism Halts Oil Price Slump

Trade War Optimism Halts Oil Price Slump

Financial markets have received a…

The Hottest Tech Stocks For 2020

The Hottest Tech Stocks For 2020

The tech bubble is far…

Six Tankers Idle At Refining Complex Waiting For PDVSA Payment

PDVSA

Six tankers carrying oil products have been docked for between a month and a week at Venezuela’s largest refining complex, Paraguana Refining Center (CRP), waiting for cash-strapped state firm PDVSA to pay before they discharge, Platts reported on Tuesday, citing a technical report.

The CRP complex in northwestern Venezuela consists of the 645,000-bpd Amuay refinery and the 310,000-bpd Cardon refinery. Two tankers are waiting for PDVSA payment at the Cardon marine terminal, and four are docked at the Amuay terminal. All six tankers, carrying hundreds of thousands of various oil products each, are awaiting payments from PDVSA before they can unload. The first of those tankers arrived at Venezuela’s shores on July 9, and the last on July 29, according to Platts.

Following operational setbacks and huge financial problems, as well as years of underinvestment in refineries, PDVSA now has to source oil products on the international market, while its refineries have been operating at more than half of their capacity

According to a refinery report seen by Platts on Monday, the Paraguana Refining Center is operating at 41.9 percent of its capacity, with Amuay operating at 44 percent of capacity, and Cardon at 37 percent of capacity.

Last month the Paraguana complex was said to have been operating at 42 percent of its capacity.

But PDVSA is scrambling to pay for the oil products it has bought on international markets, as it is short on cash after the low oil prices, rampant inflation, street protests, and President Nicolas Maduro clinging to power en route to an authoritarian regime have plunged Venezuela into chaos.

Related: Saudi Oil Minister Just Did Something He Has Never Done Before

The state-held Venezuelan company and Venezuela itself are increasingly closer to the brink of default—Venezuela has US$5 billion in debt maturing before the year is out—both in sovereign bonds and in debt payments by PDVSA.

In addition, the Trump administration is considering additional sanctions on Venezuelan individuals close to the Maduro government, after having frozen Maduro’s assets in response to last weekend’s vote that called for a Constituent Assembly—a parliament that has the powers to amend the country’s constitution.

By Tsvetana Paraskova 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