Pdvsa

Russia’s Rosneft is a big lender to Venezuelan’s PdVSA, and PdVSA is broke so Rosneft wants to be paid.

Officials at NuStar Energy, a San Antonio-based company that leases PDVSA a facility on St. Eustatius, were aware of the order against PDVSA, company spokesman Chris Cho said, adding that it was evaluating its legal and commercial options.

Tareck El Aissami, Venezuela’s Minister of Petroleum, resigned in a surprise move yesterday (March 20), amid a corruption probe into the country’s state-owned oil company, Petróleos de Venezuela SA (PDVSA).

The California-based company has delivered at least one shipment of heavy naphtha to its Venezuelan joint oil ventures and has been assigned three crude cargoes by PDVSA so far.

El Aissami -- a former ally of Maduro and his late predecessor Hugo Chavez -- was later arrested along with dozens of others as part of a probe into an alleged multi-million dollar crypto fraud at PDVSA.

The Biden administration admitted defeat slowly, only sanctions on PDVSA in April, long after the damage had been done.

Venezuela's and PDVSA'S defaulted bonds trade at deeply distressed levels of 13-22 cents, but have rallied sharply from late last year's single-digits.

After the Trump administration slapped sanctions on PDVSA in January 2019, Petrosucre stopped its oil extraction and the ship was left off the eastern coast of Venezuela with millions of barrels of crude oil.

Attorney General Tarek William Saab earlier told reporters that “hired mercenaries” had signed a $212 million dollar contract with Guaido using funds “stolen” from state oil company PDVSA.

Barred from the global financial system, Pdvsa has also been forced to cede control to foreign partners in organizing exports, which goes against the country’s energy laws.

By systematically dismantling PDVSA or Petroleum of Venezuela, USA was able to stall the socialist progress of this country.

PDVSA did not respond to a request for comment.

The concessions are gradually reducing Pdvsa to little more than a holding company collecting the state’s share of oil field revenues, with most of financial and strategic decisions taken by private partners.

Venezuela’s state-run oil company, PDVSA, and the oil ministry did not immediately reply to a request for comment.

But a month later, the families complain they are still being left to fend for themselves as much as ever by the men’s employer, Houston-based Citgo, which until the takeover had been the U.S. subsidiary of the Venezuelan oil giant known as PDVSA.

Confirmation of the administration’s intent to sanction PDVSA came from Sen. Marco Rubio prior to the press conference, after Axios earlier reported the impending actions.

In an analysis published by the EIA, it is denied that sanctions against PDVSA will have significant consequences on the operation of US refineries.

In March, RIL had stated that its US subsidiary has completely stopped all business with Venezuela’s state-owned oil company, PDVSA, and its global parent has not increased crude purchases.

Maduro has acknowledged that the state-run oil company, PDVSA, loses billions of dollars a year because of the discrepancy between the price of gasoline and the costs of production.

PDVSA brings new well online in Venezuela A manager at Rosneft said last week that the company did not expect oil output to decline at its projects in Venezuela this year, adding that the company saw the current situation in Venezuela as temporary.