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Venezuela: PDVSA turns to less well – known oil buyers of Zrela Guaido | Economy | world



Petróleos de Venezuela SA (PDVSA) are turning to less well-known buyers, as most of the world's largest refineries and top-selling shopping malls turn their backs oil.

Sahara Energy International Pte Ltd, MS International Corp. and Melaj Offshore Corp. are among the customers Venezuelan oil beginners, according to board reports and people familiar with the situation. Among them, companies plan to spend 3 million barrels in March and April.

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PDVSA New buyers have been called after retailers such as Lukoil PJSC and Trafigura Group Ltd have announced they will no longer do business with PDVSA, after the United States imposed stricter penalties at the end of January. Sanctions PDVSA They represent a de facto ban on the import of Venezuelan oil into the United States, for which American refineries, including Valero Energy Corp., LyondellBasell Industries NV and PBF Energy Inc., left the ship.

"These are desperate times," says Mara Roberts Duque, an analyst at BMI Research. "Venezuela it will export to all who are ready to accept their barrels. "

Venezuela It fights to sell its oil, after the sanctions reduced sales to the US, targeting 37 percent of its oil exports in 2018. Ships in the US They dropped to zero in the week ending March 15, according to state data. Finding new customers can help eliminate over 12 million barrels Venezuelan oil which floats on the coast of the country, most unpublished.

Sahara Energy, headquartered in Singapore, is a company associated with the Sahara group, which has interests in oil fields in Africa. The company would also be looking for ships to deliver gasoline Venezuelasaid the person with the knowledge of the situation.

Sahara and Melaj did not immediately return the call and e-mail for comments. MS has not sent an email for comments.

OPERATOR OPPORTUNITY
"It's an opening for the independents, as some of the great players throw away Venecuella," says Paul Tessetti, CEO of IHS Markit, the crude oil market from Dallas. "This is an opportunity, given that the heavy oil market is firm."

After Losing the US Market, Rosneft Oil Co. PJSC takes over Venezuelan oil and supplies fuel Nicolás Maduro, The Indian refinery Reliance Industries Ltd, which became the major buyer of Venezuelan crude oil in February, restricted its purchases in the midst of US pressure, and imports were well below the agreed levels. PetroChina Co Ltd is expected to purchase more shipments in March than last month.

Production Venezuelan oil last year fell to the lowest level of 69 years and amounted to 1.354 million barrels a day, after years of poor management and lack of investment. Production may have dropped to 600,000 barrels a day after the earthquake struck down.

New customers will have limited download capacity Venezuelan oil, as "most markets do not want to enter into this dispute" with the US government, says Duque de BMI.


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