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Lima group to meet in Canada to deal with Venezuelan crisis

Monday, June 19, 2017

PDVSA´s money woes chip at Caribbean assets


Venezuelan state-owned oil company PdV´s financial woes are chipping away at its Caribbean storage and refining assets that are critical to exporting the country´s vast extra-heavy crude reserves, mainly to China and India.PdV said the early termination of a Bahamian crude and products storage lease with Buckeye Partners was motivated by a board decision to consolidate its Caribbean storage, blending and refining operations in fewer facilities.A Caracas-based tanker broker said PdV's decision to end the contract and move millions of barrels of crude and products currently stored at the Buckeye Bahamas Hub terminal to NuStar Energy's storage terminal at St. Eustatius was "financial, not strategic." More…

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