Здравствуйте. Вся информация этого сайта бесплатна без рекламы. Вы можете сделать пожертвование и поддержать развитие этого сайта. Спасибо.

Hello. This site is free without ads. You can make a donation and support the development of this site. Thank you.

2017-09-18 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

RUSSIA - CHINA - VENEZUELA OIL

OGJRussia probably has a stronger interest now than China in propping up President Nicolas Maduro's regime to gain more access to Venezuela's massive crude oil deposits, two witnesses told a US House Foreign Affairs subcommittee on Sept. 13. But China has more financial leverage over the South American country's government, with up to $60 billion of loans since 2007 in exchange for 500,000 b/d of Venezuelan crude, they said.

"The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela's resources, and their [financial] leverage over the country as an anti-US political and military partner," observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies' Americas Program.

With respect to finance, China has become Venezuela's principal banker, Ellis said in written testimony before the House committee's Western Hemisphere Subcommittee.

In August 2014, national oil company Petroleos de Venezuela SA (PDVSA), which is legally more vulnerable to seizure of its global assets than the government, moved its primary banking relationships for petroleum current accounts from the Banco Espirito Santo, in Portugal, to China's CITC Bank, Ellis said. In addition, it is believed Venezuela's government has maintained at least part of its gold reserves in China since 2011, he said.

"Both actions partially protect Venezuela's assets from international legal claims, but also give China influence over Venezuela through how it handles such claims," Ellis said. "Thus, as international legal judgments against PDVSA accumulate in international courts, Chinese financial institutions (with the commitments they have made to follow the rules of the international banking system), will face important decisions regarding how to respond to legal claims regarding assets."

A second witness noted that China now finds itself in the frustrating position of being unable, despite its investments and loans, to achieve its preferred outcome of increased Venezuelan oil production.

Instead, that production has declined every year under Maduro, and it is falling more rapidly in 2017 because of poor maintenance, underinvestment, incompetent leadership at PDVSA, and corruption, said Harold Trinkunas, a senior research scholar at Stanford University's Freeman Spogli Institute for International Studies.

Effectively, a partial default

"Venezuela's declining oil production, economic crisis, and difficulty in meeting its international financial obligations have forced the Chinese to live with what is effectively a partial default, including an agreed-upon moratorium on debt repayment until January 2018 to allow the Venezuelans to market oil initially allocated for delivery to China to clients who can pay full price, such as the United States," Trinkunas said in his written testimony.

While the Chinese government has hesitated to criticize the Maduro regime openly because it might signal other economic partners in the developing world that it is unreliable, Chinese banks have been much less forthcoming with new money in recent years, and Chinese officials have been talking quietly with the Venezuelan opposition to establish a basis of good relations no matter what the outcome is of the country's current crisis, Trinkunas said.

Russia, meanwhile, has moved opportunistically to acquire Venezuelan oil assets as Rosneft, one of the country's bigger oil companies, has worked with PDVSA to develop ultra-heavy crude deposits, but with limited success because it does not have the technology and experience to deal with such challenging oil fields, Trinkunas said.

In 2017, the desperate need of the Maduro regime for foreign currency to pay international debts led it to conduct a fire sale of state-owned oil assets, initially using Citgo, a US-based oil company that Venezuela's government owns, to guarantee a $1.5 billion loan from Rosneft, Trinkunas said.

"When it appeared that the US government might challenge this deal, Rosneft also sought to guarantee its loans via assets located inside Venezuela, principally shares in existing joint venture companies. It is also considering shares in new joint ventures the Venezuelan government proposes to create," Trinkunas said.

Rosneft consequently is providing a critical lifeline to the Maduro regime during 2017, with $6 billion of outstanding loans, much of which are officially considered prepayment for future oil deliveries, Trinkunas pointed out. "However, we should keep in mind that Russia has nowhere near the level of financial resources available to China to bail out Venezuela. The Russian interest in Venezuela at this time appears to be largely transactional: purchasing oil assets on the cheap and ensuring that loans are repaid," he said. "The geopolitical effect of propping up an anti-American regime in Venezuela is a welcome, but decidedly secondary, benefit."

-----

Earlier:

 RUSSIA:

    

 CHINA:

     

 VENEZUELA:

 

CHINA BUYS ROSNEFT 14.16%, $9 BLN

... a Energy is set to take a stake of almost $9bn in Russian state-controlled oil company Rosneft, in a major strengthening of energy ties between Beijing and Moscow as relations deteriorate with the west. CEFC China Energy is set to take a stake of alm ...
2017-09-11
     

WORLD ENERGY CONSUMPTION UP TO 28%

... rticularly in Asia. Non-OECD Asia (which includes China and India) accounts for more than 60% of the worlds total increase in energy consumption from 2015 through 2040. The U.S. Energy Information Administration projects that world energy consumption ...
2017-09-15
     

VENEZUELA'S RESTRUCTURING

VENEZUELAS RESTRUCTURING VENEZUELAS RESTRUCTURING “There was a request from our colleagues in Venezuela to carry out a restructuring,” Russian finance minister Anton Siluanov said. “There are difficulties in fulfilling the debt.” “There was a request ...
2017-09-11
 

U.S. - RUSSIA BLOCK IN VENEZUELA

U.S. - RUSSIA BLOCK IN VENEZUELA U.S. - RUSSIA BLOCK IN VENEZUELA The Trump administration is ready to block a Russian state-owned oil giant from gaining control of critical energy assets in the U.S. owned by Venezuela, senior American officials say, ...
2017-09-04
     

IMF: SOUTHEAST ASIA'S TRANSFORMATION

... ed the world by transforming their own economies. China and India have been driving the greatest poverty reduction in human history by creating the world’s largest middle classes. In a single generation, Vietnam has moved from being one of the world’ ...
2017-09-13
     

U.S. - VENEZUELA SANCTIONS

U.S. - VENEZUELA SANCTIONS U.S. - VENEZUELA SANCTIONS U.S. - The Trump administration imposed new sanctions prohibiting trading new debt and equity issued by the Venezuelan government and state oil company PDVSA. U.S. - The Trump administration impos ...
2017-08-28
 

SANCTIONS FOREVER

... represents the will of the American people to see Russia take steps to improve relations with the United States. We hope there will be cooperation between our two countries on major global issues so that these sanctions will no longer be necessary.” ...
2017-08-03
     

WBG & IMF NEED CHINA

WBG & IMF NEED CHINA WBG & IMF NEED CHINA We reiterate our commitment to a strong, quota-based, and adequately resourced IMF to preserve its role at the center of the Global Financial Safety Net. We support the work of the IMF to strengthen its coope ...
2017-09-13
     

VENEZUELA AGAINST CORRUPTION

VENEZUELA AGAINST CORRUPTION VENEZUELA AGAINST CORRUPTION Venezuelas president on Sunday created an executive vice president post and named new vice presidents to lead PDVSA in what he described as a shake-up of the state oil company and an effort to ...
2017-01-30
 

RUSSIA IS THE TOP

RUSSIA IS THE TOP RUSSIA IS THE TOP Russia was Chinas biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot, data from the General Administration of Customs showed on Monday. Russia was Chinas biggest ...
2017-07-24
     

CHINA'S ENERGY DEMAND UP

CHINAS ENERGY DEMAND UP CHINAS ENERGY DEMAND UP CHINA will accelerate expanding oil and gas distribution in the next decade to ensure energy security and help boost industry, its top economic and energy planners said. CHINA will accelerate expanding ...
2017-07-17
     

VENEZUELA WILL CUT 95 TBD

VENEZUELA WILL CUT 95 TBD VENEZUELA WILL CUT 95 TBD Venezuela said on Tuesday it will cut 95,000 barrels-per-day of oil production in the New Year in fulfilment of a producers deal to reduce global output and strengthen prices. Venezuela said on Tues ...
2016-12-28
 

U.S. & RUSSIA: LIMITED IMPACT

U.S. & RUSSIA: LIMITED IMPACT U.S. & RUSSIA: LIMITED IMPACT The U.S. shale boom—which reshaped world markets for crude oil and natural gas before Mr. Trump took office—has only limited impact on Russia’s standing as a major energy provider to Europe ...
2017-07-17
     

CHINA: THE TOP BUYER ANEW

CHINA: THE TOP BUYER ANEW CHINA: THE TOP BUYER ANEW China imported 37.2 million tonnes or 8.76 million barrels per day of crude oil last month, up 15 percent from a year earlier and nearly 8 percent from April, data from the General Administration of ...
2017-06-08
     

VENEZUELA & CHINA: $50 BLN

VENEZUELA & CHINA: $50 BLN VENEZUELA & CHINA: $50 BLN Venezuela has borrowed over $50 billion from China under a financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the worlds ...
2016-11-18
 

IMF NEED RUSSIA

IMF NEED RUSSIA IMF NEED RUSSIA Directors underscored that accelerated structural reforms and broader trade relations can help promote a diversified export mix. They also urged the authorities to strengthen property rights, advance privatization, imp ...
2017-07-17
     

CHINA'S OIL & GAS REFORM

CHINAS OIL & GAS REFORM CHINAS OIL & GAS REFORM “Market should play a decisive role in resource allocation and the government role should be better played in order to safeguard national energy security, boost productivity and meet people’s needs,” th ...
2017-05-30
     

CHINA & VENEZUELA COOPERATION

CHINA & VENEZUELA COOPERATION CHINA & VENEZUELA COOPERATION “In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within t ...
2016-08-17
 

RUSSIAN STRUCTURAL REFORMS

RUSSIAN STRUCTURAL REFORMS RUSSIAN STRUCTURAL REFORMS IMF - advancing decisively on the structural reform agenda to improve growth potential and rebalance growth towards non-commodity sectors. IMF - advancing decisively on the structural reform agend ...
2017-05-22
     

SOUTH CHINA SEA GAS

SOUTH CHINA SEA GAS SOUTH CHINA SEA GAS Chinas attempt to test marine natural gas hydrates, a future energy source, has turned out to be a success, making it the first country to secure continuous and stable gas supply in marine gas hydrate exploitat ...
2017-05-19
     

VENEZUELA NEED MONEY

VENEZUELA NEED MONEY VENEZUELA NEED MONEY Venezuela and state oil company PDVSA face heavy debt payments this year amid weak oil markets and continuing decay of its socialist economic model. Neither have been able to borrow in recent years because th ...
2016-07-27

 

 

Tags: RUSSIA, CHINA, VENEZUELA, OIL

Chronicle:

RUSSIA - CHINA - VENEZUELA OIL
October, 20, 12:10:00

NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

RUSSIA - CHINA - VENEZUELA OIL
October, 20, 12:05:00

ЦЕНА URALS: $ $55,55881

Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2017 года составила $55,55881 за баррель, или $405,6 за тонну.

RUSSIA - CHINA - VENEZUELA OIL
October, 18, 19:10:00

OIL PRICE: ABOVE $58

Brent crude futures, the international benchmark for oil prices, were at $58.16 at 0643 GMT, up 28 cents, or 0.5 percent from their last close - and almost a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures were at $52.03 per barrel, up 15 cents, or 0.3 percent, and almost a quarter above mid-June levels.

RUSSIA - CHINA - VENEZUELA OIL
October, 18, 19:05:00

РОССИЯ: БОЛЬШЕ НЕФТИ И ГАЗА

Александр Новак отметил рост основных показателей всех отраслей энергетики в прошлом году: «Мы имеем рекордные показатели за прошлый год по добыче нефти, угля. Идёт рост добычи и экспорту газа, в том числе в Европу на уровне 15 процентов. По углю мы наблюдаем рост добычи даже больше уровня прошлого рекордного года. Также отмечается рост производства электроэнергии на 2%, что говорит об оживлении экономики».

All Publications »
Exchange Rates
Date: 00:00 00:00
USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00