Monday 14 June 2021

Venezuela’s Millions in Debt to Russia Led to Confiscation of Oil Cargo

Workers stand in front of a drilling rig at an oil well operated by Venezuela’s state oil company PDVSA in Morichal. Venezuela’s state-owned oil company PDVSA has been racking up debts around the world (El Ají).

TODAY VENEZUELA – Russia is losing patience with ally Venezuela because of the country’s million-dollar debt. Russia confiscated an oil tanker that belonged to the state-owned oil companhy PDVSA because Maduro’s regime owes Russia USD $30 million.

According to the Reuters news agency, in October, Venezuela sent an oil tanker to the Caribbean with the expectation that its cargo would earn about USD $20 million. However, the owners of the vessel Aframax NS Columbus (which is part of the fleet of Russian state conglomerate Sovcomflot) seized the oil.

The legal decision made in March by a San Martín island court states: “They have claims for bills unpaid by PDVSA related to the rental of their boats.”

- Advertisement -

Although the oil on board had already been sold to the Norwegian company Statoil, the cargo was being transported in a tanker that sailed with a shipping document under the name of PDVSA.

The dispute with Sovcomflot reveals how shipping companies are becoming increasingly aggressive when they collect debts from PDVSA.

According to Reuters,

“Its tangled debt network is expanding all over the world, from shipyard repairs in Portugal and mid-ship shipbuilding bills in Iran and Brazil to a shipment of crude oil seized in the small island of St. Eustatius, whose strategic location in the Caribbean became a commercial port in the eighteenth century.”

This is not the first time that PDVSA is affected by the debts it maintains with its suppliers. In September, a vessel owned by the Venezuelan state-owned company was held in Curacao under a court order requested by service company Core Laboratories due to the accumulation of outstanding debts.

- Advertisement -

In a nutshell, according to economist Steve Hank, PDVSA has become the worst oil company in the world.

Source: Reuters

Article originally appeared on Today Venezuela and is republished here with permission.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

Diseases, weather and low prices hit the orange sector in Costa Rica

HQ - The appearance of pests and diseases, in particular the...

Central America is back in the news for the wrong reasons, Costa Rica is once again the exception

QCOSTARICA - Osta Rica has been the epicenter of regional diplomacy...

MOST READ

Direct flight will connect Guanacaste with Austin starting in November

QCOSTARICA - American Airlines announced that starting November 2, 2021, it will offer a direct flight between Austin, Texas and the Daniel Oduber International...

Bukele advisers tried to leave Costa Rica with false covid-19 tests

QCOSTARICA - Two Costa Ricans who advise the government of Salvadoran President Nayib Bukele were arrested this Tuesday at the Juan Santamaría (San Jose)...

El Salvador Makes Bitcoin Legal Tender, A World First

Q24N (Reuters) El Salvador has become the first country in the world to adopt bitcoin as legal tender after Congress approved President Nayib Bukele's...

Should the vaccination against covid-19 be opened?

QCOSTARICA - Six months after the start of vaccination against covid-19, will it be time to open the campaign to those who want to...

Europe opens the doors to tourism, these are the requirements

Q TRAVEL - Europe opened the doors to tourism. While worldwide vaccination against covid-19 advances above the levels of each country, the restrictions are...

The “rebound” effect boosted growth in Costa Rica’s economic activity

QCOSTARICA - Costa Rica's economic activity registered in April 2021 a year-on-year growth of 8.8%, a figure affected by a “base” or “rebound” effect,...

Diseases, weather and low prices hit the orange sector in Costa Rica

HQ - The appearance of pests and diseases, in particular the 'dragón amarillo' (yellow dragon), the impact of the weather and a sharp drop...

Plate rupture has potential for stronger quakes

QCOSTARICA - The 5.7-magnitude tremor, felt at 5:27 pmon Thursday, occurred in a maritime zone with the potential for stronger earthquakes, explained Ivonne Arroyo,...

Today’s Vehicle Restriction June 14: 1 & 2 CANNOT circulate

Today, Monday, June 14, vehicles with plates ending 1 & 2 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Article originally appeared on Today Venezuela and is republished here with permission.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.