Very usefull links


News links




Dow Jones

Oil price



Views and News






Venezuela looking at banking in Asia, Europe - official




By Reuters

Petroleumworld 10 17 2018

Venezuela is seeking to open bank accounts in Asia and Europe to carry out hard currency transactions, Economy Vice President Tareck El Aissami said on Tuesday, as the OPEC nation seeks to overcome U.S. sanctions that have hurt its foreign commerce.

Hyperinflation-stricken Venezuela is in its fifth year of recession, prompting a surge in emigration that has overwhelmed its South American neighbors.

President Nicolas Maduro frequently blames a U.S. “economic war” for Venezuela's chronic shortages of food, medicine and other basic goods. Critics attribute the crisis to Maduro's policies, including a complex web of currency controls and heavy state intervention in the economy.


“The President has instructed the finance minister to begin a new correspondence scheme in Europe and Asia for public banks,” El Aissami said.

He added that the government will sell 2 billion euros ($2.32 billion) on its Dicom foreign exchange platform starting in November or December, without describing the time frame. Official statistics show the government has sold just $75 million through Dicom auctions this year.

Cash-strapped Venezuela's reserves are at a 20-year low at $8.825 billion, two-thirds of which are held in gold bars.

The euros would come from oil revenues, El Aissami said, without providing a detailed breakdown.

In August, Maduro devalued the bolivar currency by 96 percent, hiked taxes and raised the minimum wage. But the moves have not dented inflation, which the International Monetary Fund forecasts at 1.4 million percent this year and 10 million percent next year.

($1 = 0.8639 euros)


Reporting by Mayela Armas and Vivia Sequera, writing by Brian Ellsworth and Luc Cohen, editing by Alexandra Ulmer and Dan Grebler from Reuters. 10 16 2018

We invite all our readers to share with us
their views and comments about this article.
Write to

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to:

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1

November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter







Editor & Publisher:Elio Ohep/
Contact Email:

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.