The Venezuelan state oil company, PDVSAhas signed at least two new specific contracts to export fuel oil and asphalt cement, demanding that its clients advance payments in euros, according to company documents.
Last week, the United States issued a license allowing the OPEC country to freely export oil, fuel and gas to its chosen markets for the next six months, the largest sanctions easing decided since Washington first imposed the measures in 2019. .
PDVSA has since contacted its traditional customers to reactivate some of its current supply contracts, while negotiating quick sales on the open market under prepaid conditions in search of cash.
One of the contracts signed since last week is for the November sale of 1 million barrels of fuel oil with up to 1.9% sulfur content to the shipping company Asia Charm LTD. The cargo, for delivery in Asia, was negotiated at a fixed price of US$41 per barrel.
The second agreement, with the firm Tradeco International DMCC, is for 70,000 barrels of asphalt cement for delivery this week in the Venezuelan port of Amuay, in a contract indexed to the prices of high sulfur fuel oil from the United States Gulf coast. minus US$ 22.5 per barrel.
In both contracts, negotiated with firms based in the United Arab Emirates, PDVSA requires advance payment to authorize the loading of shipments, according to the documents.
PDVSA did not respond to a request for comment. Asia Charm and Tradeco could not immediately be reached for comment.
Venezuela’s state oil company has changed most of its supply agreements to prepayment this year following an anti-corruption investigation that found billions of dollars in unpaid oil shipments.
The easing of sanctions is not expected to cause a significant increase in oil production in Venezuela, but PDVSA is taking steps to ensure cash flow during the short validity of the license.
US officials have warned that if President Nicolás Maduro’s administration does not meet the conditions for a fair presidential election, the easing of sanctions could be reversed.
Source: Reuters
Source: Gestion
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