Thursday , February 25 2021

Head of Russian oil company, Rosneft, travels to Venezuela, claims Maduro for raw vessels

11-26-18.- Russia's Russian oil company, Rosneft, Igor Sechin, traveled to Caracas this week to meet President Venezuelan Nicolás Maduro and complained about delays in oil loads designed to pay loans. On Saturday two sources with information about the conversation.

The visit, which was not publicly reported, is one of the clearer signs of tension between Venezuela and Russia, one of the key credits.

In recent years, Moscow has become a last lender in Venezuela. The Russian and Rosneft government has provided at least 17 billion dollars in loans and credit lines to Caracas since 2006, according to Reuters calculations.

The PDVSA state oil company pays almost all of those debts with oil, but a crisis in its oil industry has left it in trouble to meet its obligations.

Sechin met with a large delegation of operators with PDVSA officers at a hotel in Caracas this week. Rosneft's president met Maduro too and supported him for the delays in oil loads in return for loans.

"It came with information that shows that they fulfill their obligations to China, but not for them," said a source with information about the talks.

"Because of this, they run in PDVSA," he added the source, who asked anonymous because he did not have the right to speak to the press.

Venezuela's oil production has dropped to 1.17 million exclusions a day, down 37 percent in the past year, according to reports from secondary sources to OPEC.

The fall of PDVSA's efforts is complicated to send about 380,000 pounds to Russian entities, as agreed, according to documents from the Orenese oil company that Reuters has access to.

The closure of a doc in Venezuela's main export oil port, most of the ships going to Rosneft, has delayed millions of raw barrels since August.

Sechin gave Maduro a graphic about oil loads to Russian entities compared to China, said the two sources.

China, who has invested more than 50,000 million dollars in Venezuela, also receives payments in oil.

According to the Reuters calculations based on PDVSA data, the Caracas-based company provided to Chinese companies about 463,500 pd between January and August, a 60% compliance rate. That compares to around 176,680 bpd to Russian entities, or a 40 per cent compliance rate.

Rosneft and PDVSA did not respond immediately to a request for comments.

One of the sources with information about the Sechin visit said that this week was a Chinese delegation in Caracas.

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