News // Politics
A.Novak: Russian companies in Venezuela safe
28 February 2019 , 16:07Neftegaz.RU444
Moscow, February 28 - Neftegaz.RU. Russian companies in Venezuela are not experiencing any problems resulting from the escalation in the political situation in the country and have not incurred any losses on the oil they produce there, Russia’s Energy Minister Alexander Novak told news outlet Gazeta.ru in an interview.
«Our companies present there [in Venezuela] are following the situation very closely. To date, we have no information about any problems or losses. Work is going as usual,» Novak said.
Rosneft and Gazprom are among the foreign companies still present in Venezuela. Lukoil’s trading arm Litasco, however, exited the country as soon as the U.S. imposed the latest round of sanctions against the Maduro government, targeting specifically state oil company PDVSA.
«Litasco does not work with Venezuela. Before the restrictions were imposed, Litasco had operations to deliver oil products and to sell oil. There were swap operations. Today there are none, since the sanctions were imposed,» Lukoil’s Alekperov said at the Russian Investment Forum in Sochi earlier this month.
Russian and other companies, including U.S. Valery Energy and Chevron, operate in Venezuela via joint ventures with PDVSA. The heavy crude they produce, however, is sitting unsold as buyers shy away from the problematic commodity as Washington threatens sanctions.
Yesterday Bloomberg reported there are more than 8 million barrels of crude produced in Venezuela that is sitting in tankers offshore because onshore storage facilities are getting filled up and the crude is not being sold. What’s more, because of this excess supply, heavy crude upgraders are operating at reduced rates in the Orinoco Belt, including an upgrader operated by the Rosneft PDVSA joint venture there.
12:06 20.03.2019Lukoil may sign agreement on new offshore block in Kazakhstan
17:00 18.03.2019LUKOIL eyes to expand its presence in Azerbaijan
00:02 04.03.2019Belarus president concerned about Russia's unwillingness to negotiate long-term gas price
18:00 19.02.2019Kazakh President and President of Lukoil discussed further development of investment cooperation
13:00 18.02.2019Lukoil halts oil swaps in Venezuela after U.S. sanctions