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2018-09-17 15:00:00

VENEZUELA - CHINA COOPERATION

VENEZUELA - CHINA COOPERATION

REUTERS - Venezuela gave China another stake in the OPEC nation's oil industry and signed several other deals in the energy sector, but Beijing made no mention of new funds for Caracas during President Nicolas Maduro's visit to his key financier on Friday.

Maduro's leftist government sold a 9.9 percent stake in the low-cost Sinovensa joint venture, where China National Petroleum Corporation has a 40 percent share, to China, it said in a statement.

The statement also said China and Venezuela had signed a "memorandum for cooperation in Ayacucho bloc 6," located in Venezuela's vast oil-rich Orinoco Belt, without elaborating.

China will drill 300 wells in Ayacucho and extend $184 million in financing for the joint oil venture Petrozumano, the statement added. A source at PDVSA, who asked to remain anonymous because he is not allowed to speak to media, said oil services and procurement at Sinovensa would be handled by Chinese companies.

It was unclear what China, which has ploughed more than $50 billion into Venezuela through oil-for-loan agreements, was giving in return.

PDVSA and Venezuela's Information Ministry did not respond to a request for information about the deal. Maduro said on Thursday he was going to China on a four-day trip with "great expectations" and promised to return with "big achievements."

Premier Li Keqiang told Maduro that Beijing was willing to provide the crisis-hit country with what help it can, according to Chinese government statements on Friday.

But there was no reference in Chinese state media or in Chinese government statements to new funds for Venezuela, which is struggling with a fifth year of recession and an economy wracked by hyperinflation.

Over a decade, oil-for-loan agreements helped China secure energy supplies for its fast-growing economy while bolstering an anti-U.S. ally in Latin America.

The flow of cash halted nearly three years ago, however, when Venezuela asked for a change of payment terms amid falling oil prices and declining crude output that pushed its state-led economy into a hyperinflationary collapse.

Venezuela's finance ministry in July said it would receive $250 million from the China Development Bank to boost oil production but offered no details. Venezuela previously accepted a $5 billion loan from China for its struggling oil sector but has yet to receive the entire amount.

In a separate meeting with Chinese President Xi Jinping, Maduro said Venezuela was willing to "explore effective financing methods" with China and strengthen cooperation in the energy sector, Chinese state media said, citing Maduro without elaborating.

Xi told Maduro China would, as before, support the Venezuelan government's efforts to seek stability and development.

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Earlier:

 

 IEA: OIL PRICES COULD RISE
2018, September, 14, 12:40:00

IEA: OIL PRICES COULD RISE

IEA - If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise without offsetting production increases from elsewhere.

 

 VENEZUELA CAN UP BY 1 MBD
2018, June, 25, 12:15:00

VENEZUELA CAN UP BY 1 MBD

REUTERS - Venezuela has the ability to boost crude output by 1 million barrels per day (bpd) by end of the year in its bid to recover lost production, but the oil minister also said on Friday this goal would be “a challenge” for state oil firm PDVSA.

 THE LARGEST VENEZUELA'S OIL
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

 

 VENEZUELA'S OIL PRODUCTION DOWN
2018, June, 20, 12:35:00

VENEZUELA'S OIL PRODUCTION DOWN

PLATTS - Venezuela's crude output averaged 1.36 million b/d in May, down from 1.41 million b/d in April, and 1.9 million b/d in May 2017, according to S&P Global Platts. The International Energy Agency said it could fall to 800,000 b/d or even lower next year.

 

 VENEZUELA IRAN SANCTIONS
2018, June, 8, 12:55:00

VENEZUELA IRAN SANCTIONS

BLOOMBERG - Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter.

 

 

 IRAN & VENEZUELA SANCTIONS
2018, May, 21, 11:00:00

IRAN & VENEZUELA SANCTIONS

NYT - China and India are the biggest buyers of Iranian crude, but they also provide markets for 40 percent of Venezuelan exports, which have been plummeting under the weight of mismanagement, debt and American financial sanctions.

 

VENEZUELA'S RATINGS DOWN
2018, March, 12, 08:30:00

VENEZUELA'S RATINGS DOWN

MOODY'S - Moody's Investors Service has downgraded the Government of Venezuela's foreign currency and local currency issuer ratings, foreign and local currency senior unsecured ratings, and foreign currency senior secured rating to C from Caa3. Concurrently, the foreign currency senior unsecured medium term note program has also been downgraded to (P)C from (P)Caa3. The outlook has been changed to stable from negative.

 

 

 

Tags: VENEZUELA, CHINA, OIL, COOPERATION

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