Exclusive: Venezuela's PDVSA freezes most oil exports for contract reviews

📆 1/17/2023 11:30 PM
📰 Reuters

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The new head of Venezuela's state oil company PDVSA has suspended most oil export contracts while his team reviews them in a move to avoid payment defaults, according to an internal document seen by Reuters and people familiar with the matter.

Since U.S. trading sanctions were first imposed on PDVSA in 2019, the company has increasingly resorted to little known middlemen to allocate its oil exports, leading to big price discounts and problems with payments affecting its cashflow.

PDVSA's new Chief Executive Pedro Rafael Tellechea last week wrote to the heads of the company's divisions of supply and trade, domestic market, international market, finances and foreign affairs and notified them of the contract suspensions. The letter did not specify how long the freeze would last.

and Cuba's Cubametales have not been affected by the contract revision, according to separate documents and the sources.

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Venezuela can drink its oil... corrupt criminal government

Someone wants there gold back...

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