The fifth largest U.S. buyer of
Venezuelan crude, PBF Energy, has halted direct purchases from state-run oil
company PDVSA, according to four sources, deepening a rift amid sanctions on
the OPEC-member country. PBF is the second buyer in as many months to go
elsewhere for its oil and further disagreements could spell new hardships for
PDVSA, which owes bondholders $1.2 billion in debt payments due this month.
Venezuela relies on oil for over 90 percent of export revenue and U.S. refiners
are among its largest cash-paying customers. More…
Thursday, October 12, 2017
Big buyer of Venezuelan crude oil halts purchases from national oil company
The fifth largest U.S. buyer of
Venezuelan crude, PBF Energy, has halted direct purchases from state-run oil
company PDVSA, according to four sources, deepening a rift amid sanctions on
the OPEC-member country. PBF is the second buyer in as many months to go
elsewhere for its oil and further disagreements could spell new hardships for
PDVSA, which owes bondholders $1.2 billion in debt payments due this month.
Venezuela relies on oil for over 90 percent of export revenue and U.S. refiners
are among its largest cash-paying customers. More…
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