Venezuela PDVSA negotiates light oil import deals for 2016

Venezuelan state oil company PDVSA will secure contracts to import crude by early next year, a senior executive said, phasing out spot-market purchases as part of a bold strategy to reduce costs and boost quality of its final blends. PDVSA [PDVSA.UL] is negotiating with some 15 companies and one option under discussion is paying suppliers with the final blend, Jesus Luongo, vice president of refining, trade & supply told Reuters in an interview. These supply contracts would also allow for flexible routing, with crude potentially sent to Venezuela's oil fields, domestic refineries, or foreign ones depending on need. More…