Venezuelan oil ventures' accounts shifted to Russia's Gazprombank

By REUTERS
February 10, 2019 01:02
Breaking news

Breaking news. (photo credit: JPOST STAFF)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

 Venezuela's state-run oil company PDVSA is telling customers of its oil joint ventures to deposit sales proceeds at an account it recently opened at Russia's Gazprombank AO, according to sources and an internal document seen by Reuters on Saturday.

PDVSA's move follows tough new U.S. financial sanctions imposed on Jan. 28 and aimed at blocking leftist President Nicolas Maduro's access to the country's oil revenue. Since then, PDVSA has been pressing its foreign partners at joint ventures in its Orinoco Belt producing area to formally decide whether they will continue in the projects, according to two sources with knowledge of the talks. The joint ventures foreign partners include Norway's Equinor ASA, U.S.-based Chevron Corp and France's Total SA.
PDVSA also ordered its Petrocedeno joint venture with Equinor and Total to halt extra-heavy oil output and upgrading due to a lack of naphtha needed to dilute production, as sanctions prohibited U.S. suppliers of the fuel from exporting it to Venezuela. 

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
February 18, 2019
Report: ISIS fighters take $200 mil to western Iraq

By JERUSALEM POST STAFF