MercoPress, en Español

Montevideo, March 19th 2018 - 03:05 UTC


  • Wednesday, March 7th 2018 - 09:40 UTC

    Venezuela oil production 1.5 million bpd short of its historic output

    Venezuela’s oil production fell 13% in 2017 to a 28-year low of about 2.072 million bpd., an estimated 1.5 million bpd short

    Venezuela’s oil production is running 1.5 million barrels per day (bpd) short of its historic output but it is something that the country must address itself, Ecuador oil minister Carlos Perez said. Caracas should address the shortfall on its own, added Perez on the sidelines of the CERAWeek energy conference in Houston.

  • Wednesday, February 14th 2018 - 09:48 UTC

    PDVSA bonds should be traded as in default, recommends EMTA

    The move follows a similar advisory issued by EMTA on sovereign bonds and is likely to extinguish any lingering belief that Caracas might avoid a PDVSA default

    Emerging markets trade group EMTA has recommended that bonds issued by Venezuela’s state-owned oil firm PDVSA should be traded flat or without accrued interest, the way bonds in default are typically traded.

  • Wednesday, February 14th 2018 - 09:36 UTC

    Five ex PDVSA officials on trial in Houston for US$ 1 billion graft probe

    The indictment was filed in a US federal court in Houston and was made public after Spain on Friday extradited one of the former officials, Cesar Rincon

    U.S. prosecutors announced charges against five former Venezuelan officials accused of soliciting bribes in exchange for helping vendors win favorable treatment from state oil company PDVSA, the latest case to stem from a US$1 billion graft probe.

  • Saturday, December 30th 2017 - 11:49 UTC

    Fire in the Venezuela’s biggest refinery

    The accident on Friday affected a distiller, while the one on Tuesday left 2 injured.

    A fire was registered late Friday at the Refining Complex of Amuay, northwest of Venezuela. The accident baddly affected a distiller. El secretary of the Petroleum’s workers federation, Iván Freites, denounced irregularities due to the lack of maintenance and investment in the oil industry by the State’s PDVSA

  • Wednesday, December 27th 2017 - 14:54 UTC

    Gasoline, another kind of business in Venezuelan scarcity

    Usually the smugglers sell 20 liters at a price of 1,600,000 Bs –or more-, which is equivalent to 3 and a half minimum salaries approximately. Photo: Santi Donaire<br />

    It is paradoxical how a country with the largest oil reserves in the world has a shortage of gasoline. Of course, Venezuela does not produce gasoline as such, but sells crude oil and imports gasoline, so with the sanctions imposed by various nations and the very crisis that PDVSA (State Company) suffers - which according to the unions works approximately 13% of its capacity- complicate the problem.

  • Tuesday, December 19th 2017 - 11:38 UTC

    Venezuela awards Russia's Rosneft two major offshore gas fields

    During the visit, Sechin also discussed Rosneft's cooperation with Venezuelan state energy company PDVSA, the statement said. Reuters

    Venezuela has awarded licenses to a unit of Russian oil major Rosneft to develop two offshore gas fields, Rosneft said in a statement.Venezuelan President Nicolas Maduro signed the deal during a visit to Venezuela by Rosneft CEO Igor Sechin, it said.

  • Monday, December 18th 2017 - 13:35 UTC

    Russia again becomes main supplier of oil for Cuban refinery

    “Since August 2017, the Cienfuegos refinery has been operating as a fully Cuban state entity,” the ruling Communist Party’s newspaper Granma wrote.

    Venezuela has pulled out of a partnership with Cuba in its Cienfuegos oil refinery and the Caribbean island has taken full ownership of the plant, Cuban state media said. Venezuela is grappling with an economic crisis that already forced it to slash cheap oil shipments to Cuba, which has had a knock-on effect on the island’s ailing economy.

  • Friday, December 8th 2017 - 06:18 UTC

    Chinese government oil company suing Venezuela's PDVSA in US courts

    The development comes almost three months after PetroChina Company Ltd advised its U.S. unit to avoid any involvement in future loans to PDVSA.

    China Petroleum & Chemical Corp., the state-controlled oil company, is suing Petroleos de Venezuela SA in U.S. courts for unpaid bills. Sinopec, as the Chinese company is known, also filed a request for arbitration against PDVSA at the International Chamber of Commerce, as it alleges damages of at least $23.7 million, according to court papers.

  • Thursday, December 7th 2017 - 08:52 UTC

    Chavista heavyweight purged by Maduro, and blamed for PDVSA corruption

    Maduro has been trying to fortify his mandate by attacking corruption at state-run oil company PDVSA, which Ramirez led for over a decade.

    Venezuela's former oil czar resigned as ambassador to the United Nations, on what he said were orders from President Nicolas Maduro, a sign of growing divisions in the ruling socialist party amid a deepening economic crisis.

  • Monday, November 27th 2017 - 09:27 UTC

    PDVSA says it has started to repay interest on two bonds nearing default

    PVDSA's bonds represent 30% of Venezuela's external debt -- estimated to be around US$150 billion.

    Venezuela's state-owned oil firm PDVSA said Friday it has started to repay US$233 million in interest on two bonds nearing default, days before the end of the 30-day grace period. Writing on Twitter, the company announced “the transfer process was started to pay the interest on the PDVSA 8,5% 2020 Bonds and the PDVSA 6% 2022 Bonds.”