Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 1 (16 lettori)

probabilità recovery

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    Votes: 21 48,8%
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tommy271

Forumer storico
Pacific Rubiales and PDVSA offer crude and products, Petrobras buying ULSD

February 7, 2014 11:35 AM ET






HOUSTON, Feb 7 (Reuters) - Venezuela's state-run PDVSA is offering on the open market another 240,000 barrel cargo of ultra low-sulfur diesel (ULSD), after resuming sales of this product last month, and Pacific Rubiales is selling one 500,000 barrel cargo of Colombian Vasconia medium crude, tenders seen by Reuters say.

A subsidiary of Brazil's state-owned Petrobras is also tendering to buy one 300,000-500,000 barrel cargo of ULSD, to be received on march 1-5 in a terminal owned by U.S. company Nustar Energy in the Caribbean island of Saint Eustatius. Offers should be submitted until February 10.

The company, which uses the Caribbean to store fuels, bought a similar cargo in December, in the middle of the shutdown of its fifth largest refinery, 189,000 bpd REPAR. The plant resumed operations on December 18 and a coker unit at 242,000 bpd REDUC refinery restarted on January after a fire.

Petrobras said in this tender that vessels can also unload in Sao Luis or Sao Sebastiao ports in Brazil.

For its part, Petroleos de Venezuela (PDVSA) detailed in the invitation that the ULSD being offered contains a maximum of 10 parts per million sulfur and it can be loaded at Puerto la Cruz refinery's terminal on February 26-28.

The company, which this month has also incresed sales of fuel oil after problems at two of its refineries, will receive bids for this tender until February 11.

While some Latin American producers are selling and buying fuels, Canada's Pacific Rubiales started offering Colombian crude for delivery in March with its typical 500,000 barrel cargo of Vasconia, which will be loaded at Covenas port on March 2-6.

The cargo will be sold by any combination of Pacific's subsidiaries, including Meta Petroleum, Pacific Stratus Energy, C&C Barbados and Petrominerales. Bidders must submit offers indexed only to WTI NYMEX front month prices before February 12.
 

tommy271

Forumer storico
Pdvsa fails to receive forex for 25% of oil export

Ecoanalítica estimates that since 2006 the state-run oil holding has stopped charging USD 800,000 barrels per day





ERNESTO J. TOVAR | EL UNIVERSAL
Saturday February 08, 2014 12:00 AM



Venezuela's economy undergoes a significant restriction in the access to foreign currency which harms the import of inputs and primary goods for production-related activities.

The Venezuelan oil basket amounted to USD 99.49 per barrel in 2013 and USD 103.42 in 2012. However, the Foreign Exchange Administration Board (Cadivi) owes the Venezuelan private sector at least USD 13 billion in payment for authorized imports.

Nevertheless, the Venezuelan economy, which gets 96% of the foreign exchange from the oil income, shows a decline in the barrels of oil effectively charged.

For more than one decade, the oil diplomacy of the Venezuelan government has focused on shipment of oil to allies in Central America, South America and the Caribbean, in exchange for goods and/or services and with relaxed payment terms and conditions. Add to this the repayment of the Chinese-Venezuelan Joint Fund, under which China pays in advance and with loans denominated in foreign currency the oil barrels to be sent from Venezuela.

Exports with payment in kind or against credits do not leave US dollars for the cash flow of Venezuelan state-run oil company Petróleos de Venezuela (Pdvsa), lessening, in this way, the amount available to the Central Bank of Venezuela (BCV) and intended to thicken international reserves.

At least 25% -620,000 barrels per day (bpd) of oil- out of 2.48 million bpd exported by Pdvsa last year gave no foreign currency to Pdvsa funds. They form part of the aforementioned trade agreements or borrowing facilities.

Based on Pdvsa's latest Annual Report 2012, during that fiscal year, Pdvsa shipped to Petrocaribe Member States 121,000 bpd of oil and byproducts; 117,000 bpd to the parties to the Cooperation Comprehensive Agreement (Argentina and Cuba), and about 29,000 bpd to the parties to the Energy Cooperation Agreement of Caracas (Bolivia, Paraguay y Uruguay). As to the Chinese Fund, about 350,000 bpd are counted to honor the loans granted by China.


Control and discretion


Venezuela's oil output in 2013 was around 2.78 million bpd, according to data of the Organization of Petroleum Exporting Countries (OPEC).

By adding the Venezuelan domestic market (about 700,000 bpd are sold at very subsidized prices with annual losses of USD 12 billion on account of gasoline and diesel) to the oil exports not charged in cash by Pdvsa, Venezuela has not received foreign currency for approximately 1.32 million bpd, almost 47% of its production.

Asdrúbal Oliveros, the CEO of think tank Ecoanalítica, notes that Pdvsa charges 1.3 million-1.4 million bpd. "Comparing this with 2006 (when Venezuela charged 2.15 million bpd), it happens that now 800,000 less barrels produce cash. Had the cash producing output remained by 2013, this means USD 29 billion in losses," Olivares underscored.

In his opinion, the design of the exchange control is mistaken, but he also suspects of cash troubles.

The expert recommends a revision of cooperation agreements. "First thing is Petrocaribe. They'd rather pay in cash."

Olivares noted the geopolitical character of Petrocaribe, as well as the fact that the Venezuelan government controls the trade of goods and services. "Distribution and management of such products is in the hands of the (Venezuelan) Executive Office."

Also, in this regard, a paper recently released and signed by 47 Venezuelan economists notes that "international reserves should raise as the BCV will receive again a high percentage of the foreign currency for oil export; both the Republic and Pdvsa should outline at once a prompt recovery plan with regard to the enormous numbers of oil sales financed in the long term or in arrears, to several countries in the (Latin American) region."
 
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