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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