PDVSA

American Club circular no. 12/19 – US Sanctions on Venezuela: Risks for non-US persons concerning transactions with PDVSA

Joseph E.M. Hughes, Chairman and CEO, Shipowners Claims Bureau, Managers for The American Club

AMERICAN CLUB CIRCULAR NO. 12/19 – US SANCTIONS ON VENEZUELA: RISKS FOR NON-US PERSONS CONCERNING TRANSACTIONS WITH PDVSA

APRIL 12, 2019

CIRCULAR NO. 12/19
TO MEMBERS OF THE ASSOCIATION
Dear Member:
US SANCTIONS ON VENEZUELA: RISKS FOR NON-US PERSONS CONCERNING TRANSACTIONS WITH PDVSA
In Circular No. 04/19 of February 6, 2019, Members were informed that the United States had imposed new and additional...

http://www.allaboutshipping.co.uk/2019/04/12/ameican-club-circular-no-1219-us-sanctions-on-venezuela-risks-for-non-us-persons-concerning-transactions-with-pdvsa/

PDVSA to Declare Maritime Emergency! Tanker Fleet to Return 10 Vessels

  • Venezuelan state oil company’s tanker fleet to return 10 vessels because of unpaid fees.
  • PDVSA’s weak finances, the result of mismanagement, a sharp decline in oil output and U.S. sanctions designed to oust President Nicolas Maduro.
  • Over a dozen tankers with Venezuelan oil around the world have been arrested in recent years by authorities.

According to Reuters, Plans by the German operator of a portion of the Venezuelan state oil company’s tanker fleet to return 10 vessels because of unpaid...

http://mfame.guru/pdvsa-to-declare-maritime-emergency-tanker-fleet-to-return-10-vessels/

How Will US Sanctions on Venezuela Impact Tankers?

  • The United States has imposed sanctions on state-owned Venezuelan oil company PDVSA to prevent Venezuelan president from enjoying the benefits.
  • The actions also prevent companies from entering into financial transactions with PDVSA and will be routed to blocked accounts.
  • The export of crude going to India and China who are both major importers of Venezuelan crude is likely to increase.
  • It is difficult and more expensive for the US to send fuel products in the other direction if Venezuela does...

http://mfame.guru/how-will-us-sanctions-on-venezuela-impact-tankers/

Venezuela’s $500 Million of Crude Finds No Takers

  • Venezuela is running out of storage space to store $500 million worth of crude oil following new U.S. sanctions in January.
  • Oil ventures owned by PDVSA with Rosneft, Chevron, Total SA and Equinor ASA have reduced their prices due to lack of storage.
  • Shipments to America, once Venezuela’s largest customer, has dried up and facing to find buyers outside of countries such as India and China over loan payments.
  • The world struggles to find heavy barrels after Canada’s self-imposed oil curtailment...

http://mfame.guru/venezuelas-500-million-of-crude-finds-no-takers/

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