As a consequence, Venezuela’s production fell to its lowest level in almost 75 years, making its relationship with Russia of vital importance. The imposition of the toughest sanctions yet on PDVSA last year shut the company out of its main market, the United States, and resulted in the loss of one-third of its oil exports in 2019. The remaining 13 were allocated to non-Russian companies. 21, according to PDVSA internal data seen by Reuters. The changes to the loading schedule mean that eight of the 23 crude cargoes planned for export this month from Venezuela’s main oil terminal, the Jose port, have so far been allocated to TNK Trading International SA.Īnother two remained allocated to Rosneft Trading as of Feb. Sources in PDVSA and the shipping sector said that the change of buyer by the state-run firm was aimed at avoiding problems for transferring, blending or the reselling of the Venezuelan oil. sanctions illegal as Washington has not presented Rosneft with any material showing it was in breach of any restrictions, while other oil firms have continued taking Venezuelan crude for exports. sanctions on the state firm at the beginning of last year and engaging in “tricks” to hide the country of origin of some cargoes. officials accused Rosneft Trading, which last year became the largest intermediary for Venezuelan oil, of propping up PDVSA following the imposition of U.S. It provided a 90-day period to wind down transactions with the firm. In an escalation of its “maximum pressure” strategy designed to oust Venezuelan President Nicolas Maduro, Washington imposed sanctions last week on Rosneft Trading SA - PDVSA’s main business partner - and its boss, Didier Casimiro. “I’d only say that if they play games like that with OFAC, all that will happen is additional companies will get sanctioned,” he said, referring to companies trying to work around the sanctions from the Office of Foreign Assets Control. Special Representative for Venezuela Elliott Abrams told Reuters on Monday that he was aware of the cargoes shifted to TNK Trading. Reuters could not determine whether the move was in response to U.S. PDVSA and Rosneft did not respond to questions about the changes. TNK Trading and Rosneft Trading share an address in Geneva, according to online company registry Moneyhouse. Rosneft absorbed TNK Trading International after it completed the purchase of TNK BP in 2013. Two of the cargo changes occurred in the first week of February. special envoy to warn that more firms could be penalized if they “play games.”Īccording to PDVSA’s trade reports seen by Reuters, four cargoes carrying some 6.7 million barrels of Venezuelan oil which had previously been allocated to Rosneft Trading for February loading were changed in recent days to another unit of the Russian firm, TNK Trading. sanctions last week, to another affiliate of the Russian oil giant, internal documents from the Venezuelan company showed, prompting the U.S. The Money House, Inc., is an Equal Housing Lender.(Reuters) - State-run PDVSA has shifted several oil cargoes from Rosneft Trading SA, which was hit by U.S. THE CONTENT ON THIS WEBSITE WAS NOT FROM AND WAS NOT APPROVED BY HUD OR FHA. All Borrowers are subject to complete program criteria and underwriting guidelines. This is not a commitment to lend or a loan approval. Terms and site content subject to change without notice. For consumer information please paste into your browser. The information contained on this website is for authorized licensed mortgage professionals only and is not intended or to be used for access by consumers. Not all products, programs and options are available in all states. NMLS # 169716: Corporate Office: 52 Paseo Covadonga St., San Juan, PR, 00901 78 Licensed by the Commissioner of Financial Institutions of Puerto Rico #IH-040 California: Department of Business Oversight under the California Residential Mortgage Lending Act, License #41DBO-46418 Florida: Florida Mortgage Lender License MLD821 Georgia: Georgia Department of Banking and Finance # 47451 Illinois: Illinois Residential Mortgage License # MB 6761152 Tennessee: Tennessee Department of Financial Institutions #128757 Texas: Texas SML Mortgage Company Branch License NMLS ID #1392959, for additional consumer information refer to the Texas Consumer Complaint and Recovery Fund Notice located on our main website legal page.
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