Commodities News

Curacao’S PM and Venezuelan Oil Minister Discuss PDVSA to Remain as Refinery Controller

Curacao’s prime minister and Venezuela’s oil minister talked about the potential of Venezuelan state oil firm PDVSA remaining as the director of the Caribbean nation’s 335,000 barrel-per-day (bpd) Isla refinery, Curacao’s government mentioned on Monday.

PDVSA’s [PDVSA.UL] deal will expire by the end of this year, and the government-run refinery has been searching for an enterprise associate to switch it. A lack of crude freights left the facility mostly idle.

In the assertion, Prime Minister Eugene Rhuggenaath’s office said he and Venezuelan Oil Minister Manuel Quevedo, who is also a PDVSA’s president, during a meeting at the refinery “spoke in regards to the startup of the refinery and the interest of PDVSA to remain as the director after 2019.”

Refineria di Korsou, the state firm that owns the center, stated last week that would begin evaluating as much as ten offers from power firms interested in becoming an associate at the refinery. Its current schedule demands the negotiations to start by October and for a contract to be reached by November.

The corporate said in a press release on Monday that it would not reveal the names of the parties that have given proposals.

OPEC member Venezuela’s crude production has dropped since the US slapped penalties on PDVSA in January as a part of the US’ effort to pressure socialist President Nicolas Maduro to exit office amid a hyperinflationary economic collapse.

Venezuela underwent widespread blackouts on Monday in areas across the country, along with the capital

Danielle Hollman

By Danielle Hollman

Danielle is a Market expert with vast experience in commodities. She also has expertise in marketing and international business communication in her career portfolio. She has worked with several entrepreneurs, financial services firms, and media houses. Danielle joined FBI Market News in 2018. Now, she is leading the Commodity column.

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