Venezuelan Oil Awaits LC

Venezuelan Oil Awaits LC

Venezuela Oil Sits, Waits for LC

Further to coverage in DCW’s Jul/Aug issue (“Venezuela Oil Sits, Waits for LC”), Reuters reports that the Karvounis tanker which had been moored in the US Gulf for over one month discharged a portion of its 1m barrel cargo on 23 Aug in New Orleans. Unable to obtain an LC for its purchase, buyer PBF Energy agreed to a prepayment, according to a trader familiar with the situation as reported by Reuters.

Status of the balance of the cargo is not known. US sanctions imposed in July against 13 Venezuelan officials, including PDVSA finance vice president Simon Zerpa, have hampered oil deals. China National Petroleum Corporation has reduced funding certain operations at its joint venture in Venezuela, a PDVSA source told Reuters.

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