Reuters: Pdvsa evaluates a second operation to transfer oil in scaffolding On the Agenda

Photo: Reuters

Photo: Reuters Reuters

Petróleos de Venezuela (Pdvsa) He started talks with shipping companies to install a second oil transfer point between tankers in highland, seeking to slow down the country's export of crude oil exports, Reuters Three sources close to the negotiations.

Pdvsa began this year to transfer crude and ship-by-vessel products near the coast of the Falcon state, mainly to reverse the decline of its offices to Asia, in the midst of complications in its ports and threats of its creditors to seize it assets in the Caribbean.

Although these oil transfer operations have recently increased, they have not been enough to offset the delays in the offices from Jose, the country's main export export terminal, according to data from Refinitiv Eikon.

Venezuela experienced a 21 percent reduction between January and October of its crude exports to an average of 1.112 million barrels per day (bpd), according to Refinitiv Eikon. At the end of the first semester, Pdvsa had contractual commitments to release some 2.19 million bpd.

The Venezuelan oil tanker has not yet chosen the company to handle the new transfer operation between tankers, but among the ships with which it has held talks is a unit of Stalco Shipping Co., based in Dubai, said one of the sources. PDVSA did not want to comment and Stalco did not respond to a request for information.

"Certified captains and mansight supervisors are being recruited for the project," he explained one of the sources.


The point for carrying out transfers between tankers would be installed to the west of the La Borracha island, about 16 kilometers from Puerto la Cruz, one of the main coastal cities of Venezuela.

It is not clear if the authorities granted permissions to Pdvsa to carry out these operations in an ecologically sensitive area, in the Mochima National Park. One of the sources said that PDVSA introduced at least one request for permission before the National Institute of Aquatic Spaces (INEA).

Pdvsa plans to use some of its largest vessels, such as Suezmaxes and VLCC (very large crude carriers) to execute maneuvers. Up to two large tankers could simultaneously load oil through these transfers, the sources said.

The transfer of oil between tankers implies risks for both vessels and the environment, so it requires additional insurance policies for trained teams and personnel that oversee the operations.

El Ministry of Ecosocialism He did not respond to a request for comments.

The majority of tankers owned by Pdvsa that were used to export oil have been anchored for months in Venezuelan waters in an attempt to protect them from possible legal actions of the United States ConocoPhillips, who sought to seize assets of the state in the Caribbean in the second quarter of the year, to press the payment of a debt for about 2,000 million dollars.

Both companies reached a payment agreement in August, but the risk of continuous seizure, as other creditors could use a similar strategy.

PDVSA was also forced to close one of the three springs in its Jose terminal for almost 90 days after a collision of a tanker in August, which has worsened its efforts to increase oil exports.

"The idea is to change as many contracts as possible to FOB (free on board)," said one of the sources, referring to a contractual manner according to which the seller delivers the product into a port of his property and the buyer is responsible for Logistics management procedures and transportation of cargo.

PDVSA customers would be responsible for paying for those transfers to the operating company, they added the sources. In the operations that had been done in the west of the country, customers were required to bring their own equipment to carry out transfers.


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