Pdvsa fails to receive forex for 25% of oil export

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. More...