U.S. Court to Decide Who Will Control Citgo
A U.S. court will decide whether a board of directors appointed by Venezuelan President Nicolas Maduro or one backed by his rival, opposition leader Juan Guaido, runs the eighth-largest U.S. refiner, Citgo Petroleum Corp.A lawsuit filed by Maduro's representatives on Tuesday in Delaware Chancery Court seeks to reassert control over Citgo , along with other U.S. subsidiaries of PDVSA , the Venezuelan state-run oil company.Citgo, Venezuela's most important foreign asset, has been caught in a tug-of-war as U.S.
Financial Pressure Forces PDVSA to Embraces Pragmatism
CARACAS/HOUSTON, March 13 (Reuters) - A subtle change in office attire may be the most telling symbol of a quiet revolution taking place inside Venezuela's troubled economic engine, giant oil firm PDVSA. For years, PDVSA employees were encouraged to wear red shirts in support of late President Hugo Chavez's socialist movement. Rafael Ramirez, the former oil czar famously vowed the state-owned firm would be "redder than red" and sent workers to state rallies. Over the past few months, however, the company's new management - led by president Eulogio del Pino, a low-profile Stanford-educated engineer - has eased up on revolutionary garb and attendance at militant gatherings, according to sources within and outside the company.
Asia-Bound VLCCs to Use Venezuela's St Eustatius Terminal
Venezuela's state-run PDVSA will use a terminal owned by U.S. firm NuStar Energy on the island of Saint Eustatius to store crude and load very large crude carriers (VLCCs) going to Asia, after deciding it will no longer rent a facility in the Bahamas, according to a PDVSA executive. PDVSA has been using the Saint Eustatius terminal in the Caribbean since March as a center to store and mix its crudes and produce exportable blends, the Venezuelan oil company confirmed after Reuters reported it this week. The company already started receiving crude tankers at the facility going out from Venezuelan ports. "We plan to build a new terminalā¦
Venezuela To Load Big Tankers at St Eustatius Terminal
Venezuela's state-run PDVSA will use a terminal owned by U.S. firm NuStar Energy on the island of Saint Eustatius to store crude and load very large crude carriers (VLCCs) going to Asia, after deciding it will no longer rent a facility in the Bahamas, a PDVSA executive said on Friday. PDVSA has been using the Saint Eustatius terminal in the Caribbean since March as a center to store and mix its crudes and produce exportable blends, the Venezuelan oil company confirmed after Reuters reported it this week. The company already started receiving crude tankers at the facility going out from Venezuelan ports. "We plan to build a new terminalā¦
PDV Marina to Buy Tankers from Iran
Venezuela's state oil company will reportedly buy four oil tankers from Iran, according to an AP report. Petroleos de Venezuela SA said in a statement that its shipping subsidiary, PDV Marina, had signed a contract to buy the tankers from the Iran Marine Industrial Company. It did not disclose the price. PDV Marina president Asdrubal Chavez, who is a cousin of Venezuela president Hugo Chavez, reportedly said the deal is among various projects involving the two governments, and is also part of Venezuela's larger plan to expand PDV Marina's current fleet of 21 oil tankers. (Source: AP)
