Wednesday, 21 August, 2019


Venezuelan military official drops allegiance to Maduro

Venezuela's Supreme Court says Guaido's status invalid Venezuelan military official drops allegiance to Maduro
Bennie Garza | 11 February, 2019, 22:59

The U.S. sanctions block all payments to PDVSA accounts, and buyers of Venezuelan crude are directed to deposit payments in a separate account, to which PDVSA doesn't have access.

PDVSA also ordered its Petrocedeno joint venture with Equinor and Total to halt extra-heavy oil output and upgrading due to a lack of naphtha needed to make the production exportable, as the sanctions prohibit US suppliers of the fuel from exporting to Venezuela.

Venezuela's Oil Minister and President of Venezuelan state-run oil company PDVSA Manuel Quevedo (C) arrives to attend the Petrotech conference in Greater Noida, India, February 11, 2019. Before sanctions, the United States bought more than 500,000 bpd, making it Venezuela's largest buyer. However, the official confirmed that Russian Federation was in constant contact with the Venezuelan authorities.

Norway's Equinor and France's Total are among the companies who run joint ventures with PDVSA.

Barter deals could help India balance its trade with Venezuela. The OPEC nation's output could decline further if it fails to secure enough funds for upstream investments, after production halved from 2016 levels to about 1.3 million barrels a day in January.

Even after a first round of financial sanctions in 2017, PDVSA's joint ventures managed to maintain bank accounts in the United States and Europe to receive proceeds from oil sales.

Guaido, the 35 year-old head of the opposition-controlled National Assembly, stunned Venezuela in January by declaring himself interim president after the legislature declared Maduro a "usurper" following his May 2018 reelection in a vote disputed by the opposition and worldwide community.

In response, PDVSA is taking steps to remove at least two American executives from Citgo's board of directors, sources familiar with the matter told Reuters.

Maduro has rejected humanitarian aid as a USA ploy to intervene in Venezuela, calling the deployment of aid a "political show" and blaming United States sanctions for the country's widespread shortages of food and medicine.

"U.S. exercises kidnapping of resources around the world".

The U.S. wants to "steal Citgo from Venezuela", Quevedo said on Monday.

"We have strategic association with several companies around the world", he said, adding that one of those was USA energy company Chevron Corp.

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