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PDVSA's Petrocaribe deal flows with 270,000 barrels
Antigua Sun
Antigua
Petroleumworld.com 04 12 07
Antigua & Barbuda has received an estimated 270,000 barrels of Venezuela-produced fuel since the first shipment was purchased under the PetroCaribe deal.Antigua & Barbuda has taken delivery of three fuel shipments under the PetroCaribe arrangements since the deal was signed last July. The first arrived in November and the most recent one in March. According to PDV Antigua & Barbuda, the company charged with overseeing the local operation of the PetroCaribe deal, each shipment averaged 90,000 barrels.
This country is one of many new markets for fuel being sought out by the Hugo Chavez led Venezuelan government, even as President Chavez makes a move to nationalise that country’s oil resources.
President Chavez recently announced that the national oil company Petroleos de Venezuela SA, or PDVSA, the same company with which Antigua signed the PetroCaribe deal, will take a minimum 60 per cent stake in four major oil projects in the Orinoco River region.
He has reportedly set 1 May as the deadline by which this should be accomplished.
Although he has said that the international companies operating in that region are welcome to remain as minority partners, the move has cast some doubt over the future operation of non-Venezuelan oil companies in that country.
Last month, Chairman of Exxon Mobil Rex Tillerson said that while the company would try to negotiate a fair agreement with PDVSA, it was prepared to walk away if favourable terms cannot be reached.
President Chavez has, meanwhile, been seeking to strengthen his influence on the region and counter that of the United States. PetroCaribe’s generous purchasing terms are only one of the benefits being offered to entice greater support in the Caribbean.
Already, Antigua & Barbuda has benefited from a US$7.5 million grant from the US$50 million ALBA fund set up by the Venezuelan government in connection with PetroCaribe.
Since signing the deal, the country has also received a US$20 million loan for a new housing project and expects to receive a further US$20 million with which to support regional airline LIAT.
Antigua Sun 11 04 07
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