México

Guyana

Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Venezuela to sign gold deal with Turkish company

 


 

By Argus

CARACAS
Petroleumworld 01 15 2019

Venezuela´s increasingly isolated government plans to sign a major gold refining deal with a Turkish company tomorrow, three sources with direct knowledge of the agreement told Argus .

Under the agreement, Turkish precious metals company Ahlatci Metal would refine gold extracted from open-pit mines in Bolivar state into certified monetary gold bullion.

The Venezuelan gold will be refined in Corum, Turkey at Ahlatci Metal's 365 t/yr precious gold refinery.

The agreement with Ahlatci could be signed in Ankara as soon as tomorrow by Venezuelan industries and national production minister Tareck El Aissami, a presidential palace official said.

Terms of the agreement including its value and duration were not immediately available.

The deal will be signed amid growing international recognition for the authority of the opposition-controlled National Assembly following autocratic president Nicolas Maduro´s disputed 10 January re-inauguration for a second six-year term.

The Maduro government will not seek the assembly's prior approval to sign the gold deal as required under the 1999 constitution -- because the government-controlled supreme court suspended the legislature's constitutional authority in March 2017, the presidential palace official added.

An aide to El Aissami confirmed the minister is currently in Turkey finalizing details of the contract and discussing bilateral economic deals with the Turkish government and unnamed companies.

Turkey is among a handful of countries that recognize Maduro´s new government. Others are Russia and China, which have significant outstanding oil-backed credit with Caracas.

Turkish vice president Fuat Oktay attended Maduro's 10 January inauguration ceremony in Caracas.

Venezuela started negotiating the gold agreement with Ahlatci during Turkish president Recep Tayyip Erdogan's visit to Caracas last December, the palace tells Argus .

Erdogan personally introduced Ahlatci's chairman Ahmet Ahlatci to Maduro during his visit, suggesting that the Turkish company would be a good partner in executing the Venezuelan government's plan to build up its depleted hard currency reserves by refining Bolivar state gold into certified bullion, the palace said.

Venezuela's government has exported over 23.6 metric tons of gold valued at more than $900mn to Turkey since the start of 2018, according to Venezuela´s central bank.

A local Turkish diplomat confirmed the imminent gold deal and said the Venezuelan gold export figures for Turkey are accurate.

The gold is transported by air from Caracas aboard Turkey's flagship carrier Turkish Airlines, which since 2016 operates weekly flights between Ankara, Caracas and Havana and currently is developing plans to use Venezuela as a hub for expanded regional service to other Latin American destinations.

The Maduro government maintains it is shipping gold to Turkey for safekeeping against seizure by foreign governments unfriendly to Venezuela. Historically, Venezuela's central bank had most of its gold reserves stored at the Bank of England.

But Venezuela's eroding relations with the US and other western nations since Maduro first assumed the presidency in 2013 compelled Caracas to seek a new location.

Russia and China were discarded due to the Maduro government's concerns that gold reserves could be seized in lieu of missed oil debt payments, the palace said.

It is unclear what would happen to the gold currently stored in Turkey if Maduro is forced to resign before his second term ends at the start of 2025.

A National Assembly official said it is "very doubtful" that Erdogan's government will cooperate with the assembly's efforts to freeze Venezuelan state-owned assets overseas.

"Erdogan and Maduro are united because of their respective political problems with the US and the EU," the assembly official said.

 


________________________


We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

 

________________________

 

 

Story from Argus Media

argusmedia.com 01 15 2019

Hit your target - Advertise with us

PW 300.000 plus request per week

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

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

Write to editor@petroleumworld.com

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

Any question or suggestions,
please write to: editor@petroleumworld.com

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

Twitter: @petroleumworld1


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, 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: http://www.law.cornell.edu/uscode/17/107.shtml. 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.