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Reuters: Pdvsa will temporarily shut down the El Palito Refinery for maintenance
It is estimated that major maintenance work at the refinery will last between 3 and 4 weeks.
Petróleos de Venezuela S.A (PDVSA) is preparing to shut down the El Palito Refinery, which is located in the state of Carabobo and has a capacity of 146,000 barrels per day, for planned major maintenance that will take between 3 and 4 weeks, four sources familiar with the matter said.
The maintenance program had originally been scheduled for 2027, but the state-owned oil company is currently planning to start it between the end of August and the beginning of September.
This maintenance work will be mainly to fully inspect the units after the devastating earthquakes that occurred on June 24. The start date depends on the arrival of imported parts, the sources said.
PDVSA did not respond immediately to a request for comment. The El Palito is currently processing around 70,000 barrels per day of crude, but its fluid catalytic cracker is not in service, Reuters reported via its «X» profile.
#PDVSA #petróleo #venezuela #TerremotoEnVenezuela #oil $CL $BZ $NATGAS
It is estimated that major maintenance work at the refinery will last between 3 and 4 weeks.
Petróleos de Venezuela S.A (PDVSA) is preparing to shut down the El Palito Refinery, which is located in the state of Carabobo and has a capacity of 146,000 barrels per day, for planned major maintenance that will take between 3 and 4 weeks, four sources familiar with the matter said.
The maintenance program had originally been scheduled for 2027, but the state-owned oil company is currently planning to start it between the end of August and the beginning of September.
This maintenance work will be mainly to fully inspect the units after the devastating earthquakes that occurred on June 24. The start date depends on the arrival of imported parts, the sources said.
PDVSA did not respond immediately to a request for comment. The El Palito is currently processing around 70,000 barrels per day of crude, but its fluid catalytic cracker is not in service, Reuters reported via its «X» profile.
#PDVSA #petróleo #venezuela #TerremotoEnVenezuela #oil $CL $BZ $NATGAS
India's ONGC expects to soon sign agreements with Venezuela to operate two oil blocks
Anupam Agarwal, CFO of Indian energy company ONGC, highlighted that they now have the freedom to work on Venezuela's oil projects.
India's largest state-owned oil exploration and production company, Oil and Natural Gas Corp (ONGC), expects to soon sign agreements with Venezuela in order to operate two oil blocks under the new Hydrocarbons Law, recently approved by the Venezuelan Parliament.
According to Reuters, ONGC has a 40% stake in the San Cristóbal field, as well as an 18% interest, together with other Indian companies, in the Carabobo-1 project.
ONGC's CFO, Anupam Agarwal, said during a telephone conference with analysts after the company's second-quarter results presentation that “we now have full freedom to work on Venezuela projects.”
“Previously, we were limiting our operations there due to the risk related to sanctions,” he added, while noting that the Caribbean nation offered additional incentives under its new hydrocarbons regulations.
The Indian businessman said they believe “very soon we will see some positive developments, the signing of the new agreements, and the fact that we will take over the operation of some of those projects that are currently managed by PDVSA.”
#petróleo #PDVSA #venezuela #India #market $CL $BZ $NATGAS
Anupam Agarwal, CFO of Indian energy company ONGC, highlighted that they now have the freedom to work on Venezuela's oil projects.
India's largest state-owned oil exploration and production company, Oil and Natural Gas Corp (ONGC), expects to soon sign agreements with Venezuela in order to operate two oil blocks under the new Hydrocarbons Law, recently approved by the Venezuelan Parliament.
According to Reuters, ONGC has a 40% stake in the San Cristóbal field, as well as an 18% interest, together with other Indian companies, in the Carabobo-1 project.
ONGC's CFO, Anupam Agarwal, said during a telephone conference with analysts after the company's second-quarter results presentation that “we now have full freedom to work on Venezuela projects.”
“Previously, we were limiting our operations there due to the risk related to sanctions,” he added, while noting that the Caribbean nation offered additional incentives under its new hydrocarbons regulations.
The Indian businessman said they believe “very soon we will see some positive developments, the signing of the new agreements, and the fact that we will take over the operation of some of those projects that are currently managed by PDVSA.”
#petróleo #PDVSA #venezuela #India #market $CL $BZ $NATGAS
💥The US OFAC issued a license to authorize certain transactions involving bonds #PDVSA 2020.
The issuance and continued extension of general licenses by the Office of Foreign Assets Control (#OFAC ) of the U.S. Department of the Treasury in connection with the PDVSA 2020 bond (8.5%) constitute a financial control mechanism of very high geopolitical sensitivity.
* Through successive issuance of licenses (such as extensions of the GL 5 series), OFAC has repeatedly postponed the effective date on which debt holders may enforce collateral or carry out transactions and sales of Citgo Holding, Inc. shares.
* These regulatory measures seek to prevent the immediate transfer or seizure of 50.1% of the shares of the refining subsidiary in U.S. territory that serve as collateral backing for the bond, while maintaining the prohibition on transactions without specific authorization.
* Through updates to its Frequently Asked Questions (such as FAQ 595), the federal agency has maintained a position aimed at assessing under specific licenses those proposals intended to structure restructuring or refinancing arrangements for payments due to creditors.
The actions and licenses issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury regarding the PDVSA 2020 bond, which is backed by 50.1% of the shares of Citgo Holding, Inc., have primarily aimed to regulate, delay, or limit authorizations for transactions and the enforcement of collateral related to these debt instruments.
Through successive extensions and general licenses (such as the General License 5 series), OFAC has conditioned or temporarily prevented bondholders from taking direct seizure actions against the refining subsidiary’s assets in U.S. territory, while maintaining a strict oversight framework for any financial operation linked to these instruments.
#Citgo #venezuela #License $BTC $YB
The issuance and continued extension of general licenses by the Office of Foreign Assets Control (#OFAC ) of the U.S. Department of the Treasury in connection with the PDVSA 2020 bond (8.5%) constitute a financial control mechanism of very high geopolitical sensitivity.
* Through successive issuance of licenses (such as extensions of the GL 5 series), OFAC has repeatedly postponed the effective date on which debt holders may enforce collateral or carry out transactions and sales of Citgo Holding, Inc. shares.
* These regulatory measures seek to prevent the immediate transfer or seizure of 50.1% of the shares of the refining subsidiary in U.S. territory that serve as collateral backing for the bond, while maintaining the prohibition on transactions without specific authorization.
* Through updates to its Frequently Asked Questions (such as FAQ 595), the federal agency has maintained a position aimed at assessing under specific licenses those proposals intended to structure restructuring or refinancing arrangements for payments due to creditors.
The actions and licenses issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury regarding the PDVSA 2020 bond, which is backed by 50.1% of the shares of Citgo Holding, Inc., have primarily aimed to regulate, delay, or limit authorizations for transactions and the enforcement of collateral related to these debt instruments.
Through successive extensions and general licenses (such as the General License 5 series), OFAC has conditioned or temporarily prevented bondholders from taking direct seizure actions against the refining subsidiary’s assets in U.S. territory, while maintaining a strict oversight framework for any financial operation linked to these instruments.
#Citgo #venezuela #License $BTC $YB
PDVSA evaluates an increase in crude oil production from the Orinoco Oil Belt
The Minister of Hydrocarbons, Paula Henao, stated that they estimate increasing production in the Carabobo, Ayacucho, Junín and Boyacá fields.
The Ministry of Hydrocarbons and Petróleos de Venezuela S.A. (PDVSA) are assessing an increase in the production processes in the Orinoco Oil Belt, as well as the production targets for the second half of 2026.
The head of Hydrocarbons, Paula Henao, reported that she met with the management of the state-run oil company in southern Anzoátegui and that, together with PDVSA president Héctor Obregón, strategies were outlined to «consolidate logistical efforts to enhance and optimize the production processes» in the Carabobo, Ayacucho, Junín and Boyacá fields.
At the meeting, representatives of PDVSA Servicios Petroleros, the Executive Directorate for Production, CVP, and the Mixed Companies operating in the fields of the Oil Belt presented technical-operational reports for review, Henao said via her social media.
#venezuela #brent #PDVSA #petróleo #oil $BZ $CL $NATGAS
The Minister of Hydrocarbons, Paula Henao, stated that they estimate increasing production in the Carabobo, Ayacucho, Junín and Boyacá fields.
The Ministry of Hydrocarbons and Petróleos de Venezuela S.A. (PDVSA) are assessing an increase in the production processes in the Orinoco Oil Belt, as well as the production targets for the second half of 2026.
The head of Hydrocarbons, Paula Henao, reported that she met with the management of the state-run oil company in southern Anzoátegui and that, together with PDVSA president Héctor Obregón, strategies were outlined to «consolidate logistical efforts to enhance and optimize the production processes» in the Carabobo, Ayacucho, Junín and Boyacá fields.
At the meeting, representatives of PDVSA Servicios Petroleros, the Executive Directorate for Production, CVP, and the Mixed Companies operating in the fields of the Oil Belt presented technical-operational reports for review, Henao said via her social media.
#venezuela #brent #PDVSA #petróleo #oil $BZ $CL $NATGAS
Reuters: Vitol seeks to expand and is making preparations to open an office in Venezuela
Various trading companies, including Vitol, have been exporting most of Venezuela’s oil production this year.
The energy trading and basic commodities company Vitol is carrying out initial preparations to open an office in Venezuela.
According to Reuters, three sources said that Vitol’s plans show confidence in the Caribbean nation and in the oil deal signed at the start of this year, for the export of up to 50 million barrels of oil.
It is important to note that companies such as Vitol, Trafigura, and other traders have been exporting most of Venezuela’s oil production this year, under agreements signed with Petróleos de Venezuela S.A. (PDVSA), which are overseen by the Government of U.S. President Donald Trump.
Sources familiar with the matter said the office that would be opened in Caracas would initially provide employment to a dozen people, specifically in positions related to trade.
Henry Medina, Vitol’s director for Latin America, told the international outlet via email that “for many years, Vitol has maintained a solid relationship with PDVSA.”
He added that they expect to “consolidate this relationship and develop new alliances in Venezuela, as well as a significant presence in the country.”
Two sources also said that Mario Pantoja, who worked for Chevron for 35 years, could be the one to lead the office in Venezuela.
#Vitol #venezuela #ChevronAcciones #PDVSA #caracasvenezuela $CL $BZ $NATGAS
Various trading companies, including Vitol, have been exporting most of Venezuela’s oil production this year.
The energy trading and basic commodities company Vitol is carrying out initial preparations to open an office in Venezuela.
According to Reuters, three sources said that Vitol’s plans show confidence in the Caribbean nation and in the oil deal signed at the start of this year, for the export of up to 50 million barrels of oil.
It is important to note that companies such as Vitol, Trafigura, and other traders have been exporting most of Venezuela’s oil production this year, under agreements signed with Petróleos de Venezuela S.A. (PDVSA), which are overseen by the Government of U.S. President Donald Trump.
Sources familiar with the matter said the office that would be opened in Caracas would initially provide employment to a dozen people, specifically in positions related to trade.
Henry Medina, Vitol’s director for Latin America, told the international outlet via email that “for many years, Vitol has maintained a solid relationship with PDVSA.”
He added that they expect to “consolidate this relationship and develop new alliances in Venezuela, as well as a significant presence in the country.”
Two sources also said that Mario Pantoja, who worked for Chevron for 35 years, could be the one to lead the office in Venezuela.
#Vitol #venezuela #ChevronAcciones #PDVSA #caracasvenezuela $CL $BZ $NATGAS
Market Analysis: Total Dollarization, Oil, and Institutional Reconstruction in Venezuela
What's crucial isn't whether the bolívar can still exist on paper, but if it still serves real monetary functions. In practice, it has lost much of its utility as a unit of account, a relevant medium of exchange, and a store of value, while the dollar dominates price formation, savings, and a substantial part of benchmark transactions.
Total dollarization in Venezuela is technically feasible, but it's not a quick fix; it requires a politically legitimate transition, a stabilization program with multilateral support, a redefinition of monetary institutional frameworks, and disciplined use of oil revenue.
This analysis is framed ceteris paribus, meaning it does not incorporate assumptions of a future comprehensive privatization of the oil business or the dissolution of PDVSA; these hypotheses may alter the long-term outlook but are not necessary to assess the initial feasibility of an orderly dollarization.
What's crucial isn't whether the bolívar can still exist on paper, but if it still serves real monetary functions. In practice, it has lost much of its utility as a unit of account, a relevant medium of exchange, and a store of value, while the dollar dominates price formation, savings, and a substantial part of benchmark transactions.
Venezuela's GDP in current dollars is estimated to be around $120 billion according to recent estimates derived from the World Bank's base (the 'real' numbers place it somewhere between $90 billion and $110 billion), still far from its historical scale before the collapse.
#PDVSA #petróleo #venezuela #Venezuelacripto #VenezuelanEconomy
What's crucial isn't whether the bolívar can still exist on paper, but if it still serves real monetary functions. In practice, it has lost much of its utility as a unit of account, a relevant medium of exchange, and a store of value, while the dollar dominates price formation, savings, and a substantial part of benchmark transactions.
Total dollarization in Venezuela is technically feasible, but it's not a quick fix; it requires a politically legitimate transition, a stabilization program with multilateral support, a redefinition of monetary institutional frameworks, and disciplined use of oil revenue.
This analysis is framed ceteris paribus, meaning it does not incorporate assumptions of a future comprehensive privatization of the oil business or the dissolution of PDVSA; these hypotheses may alter the long-term outlook but are not necessary to assess the initial feasibility of an orderly dollarization.
What's crucial isn't whether the bolívar can still exist on paper, but if it still serves real monetary functions. In practice, it has lost much of its utility as a unit of account, a relevant medium of exchange, and a store of value, while the dollar dominates price formation, savings, and a substantial part of benchmark transactions.
Venezuela's GDP in current dollars is estimated to be around $120 billion according to recent estimates derived from the World Bank's base (the 'real' numbers place it somewhere between $90 billion and $110 billion), still far from its historical scale before the collapse.
#PDVSA #petróleo #venezuela #Venezuelacripto #VenezuelanEconomy
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