Monday, 18 February, 2019

Brazil to Open Aid Storage Centre for Venezuela: Guaido Envoys

Venezuela utilizing Russian banks to skirt US oil sanctions: sources Russia’s Gazprombank rejects report on Venezuelan oil giant’s new accounts
Jeannette Daniel | 11 February, 2019, 20:46

The US State Department announced last month that Washington froze some $7 billion in assets belonging to Venezuelan state-owned oil company PDVSA in order to make some of that money available to Guaido and his team.

A few European nations have joined the Trump administration in its support of Guaido as the interim president, although those nations professing political support have not taken the additional step of backing U.S. sanctions on Venezuela's state-owned oil giant PDVSA as well as other restrictions on financial transactions imposed by Washington. The OPEC nation's output could decline further if it fails to secure enough funds for upstream investments, after production halved from 2016 levels to about 1.3 million barrels a day in January.

Quevedo, whose country holds the rotating presidency of the Organization of the Petroleum Exporting Countries, said it was important to listen to oil consuming nations as OPEC and other producers sought to balance supply and demand in the oil market. Venezuela, which now holds the OPEC presidency, has a "healthy relationship" with the Asian country, he said at the Petrotech conference near New Delhi, where he originally wasn't on the list of attendees.

"The relationships with India will continue, the trade will continue", Quevedo said, adding that Venezuela wanted to expand trade in services and technology with New Delhi.

"We would like to make formal your knowledge of new banking instructions to make payments in USA dollars or euros", wrote PDVSA's finance vice president, Fernando De Quintal, in a letter dated February 8 to the PDVSA unit that supervises its joint ventures.

More news: Julian Edelman shaves massive playoff beard on 'Ellen'

Sanctions have forced Citgo and other United States refiners to seek crude oil supplies from other nations. After the American restrictions were imposed on January 28, only one tanker has loaded over a 10-day period.

Guaido, the head of Venezuela's National Assembly, is trying to wrest ownership of PDVSA's Houston-based unit, Citgo Petroleum, away from the current regime. Maduro has denounced Guaido as a USA puppet seeking to foment a coup. "But we stress that no new accounts were opened and are planned to be opened in the bank", the spokesman said.

The U.S. wants to "steal Citgo from Venezuela", Quevedo said on Monday.

-With assistance from Serene Cheong.

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