In previous deals, buyers sent ships to Venezuelan ports to load the crude.Under the new deals, buyers designate the port for delivery and PDVSA is responsible for getting the oil there, according to the documents.
Aside from some short trips to Cuba, most of PDVSA's tanker fleet has stayed in Venezuelan waters for the last year because sanctions have left them lacking the insurance or certification needed to navigate international waters, or because they are unseaworthy. Other ships need maintenance. PDVSA has struggled to get the work done because it cannot get needed parts or afford to pay for the work. The company has also faced lawsuits and seizure attempts by foreign shipyards that did repairs.
PDVSA also has started to use tankers for international voyages that were initially leased for shipping oil within its waters.In July, PDVSA sent a letter to one of its long-term customers, Thailand's Tipco Asphalt, proposing to use its vessels to export crude with freight costs included, according to the documents.
Tipco has asked permission from the US Treasury to continue receiving Venezuelan oil under a long-term supply contract signed before sanctions were imposed, according to the sources.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »