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Oil Swap Deals News

04 Apr 2023

Venezuela's March Oil Exports Rise on More Supertankers, Chevron Cargoes

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Venezuela's oil exports rose in March to the highest monthly average since August, boosted by a resumption of loadings after an export freeze and by rising cargoes assigned to Chevron Corp, according to documents and shipping data.State oil company PDVSA has reinstated two export contracts after a January freeze by new boss Pedro Tellechea: a medium-term contract with Hangzhou Energy, and another with Portugal-based Adinius Sociedade de Servicios, the documents showed. Those two customers accounted for a large portion of exports…

26 Aug 2015

NNPC Ends Offshore Processing Agreements

Nigeria's state oil company has cancelled its contract for the delivery of crude to the country's refineries in Warri, Port Harcourt and Kaduna, it said on Wednesday. Oil sales account for about 70 percent of government revenue in Nigeria, Africa's top crude producer, but the country imports most of the fuel used by its 170 million inhabitants because of its inefficient, ageing refineries. "The corporation has cancelled the current contract due to exorbitant cost and inappropriate process of engagement," a Nigerian National Petroleum Corp (NNPC) statement said, adding that the aim is to cut costs and improve efficiency. Overhauling the energy sector in Africa's biggest economy has been a priority of President Muhammadu Buhari…

20 Apr 2000

Iran Needs 34 New Oil Tankers

Iran said its needs up to 34 new oil tankers to refurbish and expand its ageing fleet. Iran currently owns or has placed orders for a total of 36 tankers, said Mohammad Souri, head of the state-owned National Iranian Tanker Company (NITC). "After taking delivery of our new tankers, the total number of our tankers will reach 36. To transfer all our export crude with our own ships, we will need to have 60 to 70," he said. Souri said Iran had placed orders for 10 new tankers from China and South Korea to double its fleet's capacity to six million tons. He did not name the shipbuilders involved. Iran plans to order up to eight liquefied natural gas (LNG) tankers when production begins at its South Pars field in the Gulf, he said.