Español

 








Very usefull links



Petroleumworld
Bookstore



Institutional
links


OPEC



 


Petroleumworld
Business Partners

 


IRAQ OIL THE FORUM


Blogspots
recomended

caracas chronicles

Gustavo Coronel

Iran Watch.org

Venezuela Today

Le Blog des
Energies Nouvelles

 

 

 


Venezuela's Energy Minister : PDVSA is ending Nynas partnership



Venezuela's
Energy Minister Rafael Ramirez

CARACAS
Petroleumworld.com, Mar 20 2012

Venezuela is selling its stake in a refinery project with Finland's Neste Oil that operates facilities in Sweden and Britain, the South American country's energy minister said in comments published on Friday.

Venezuela's state oil company PDVSA and Neste Oil are 50-50 partners in Nynas AB, which runs four refineries with a combined capacity of 67,000 barrels per day (bpd).

They include Sweden's Nynaeshamn and Gothenburg facilities, which mostly use Venezuelan crude paraffin to make bitumen and naphthenic specialty products.

Caracas's El Mundo newspaper quoted Energy Minister Rafael Ramirez as saying in an interview that PDVSA was "in the process of liquidating the partnership."

"They do not value our Venezuelan crude fairly," he said, referring to the supply contracts for the facilities.

Ramirez did not give more details in the interview, and was not immediately available to comment on Friday.

A Neste Oil spokesman had no immediate comment.

In 2010, PDVSA sold its 50 percent stake in four Ruhr Oel refineries in Germany to Russia's Rosneft for $1.6 billion. Venezuela had long wanted to quit that project, saying it was unprofitable for PDVSA.

In addition to the Swedish refineries, Nynas AB also operates refineries in Dundee and Eastham in Britain.

Ramirez also said Venezuela expected a ruling by a World Bank arbitration panel later this year or early in 2013 over the nationalization of Exxon Mobil Corp assets in 2007.

"We are waiting for the result ... to dissolve any partnership we have with Exxon," he said, adding that relations with the U.S. oil major had been "complicated from the start."

He did not elaborate. PDVSA currently has a 50-50 stake with Exxon in the 184,000 bpd Chalmette refinery in Louisiana.

Ramirez's published comments were the second part of an interview with the newspaper. On Thursday, it quoted him saying PDVSA would continue to issue new bonds and that it was "absurd" to suggest its finances were not healthy.

Story by Daniel Wallis from Reuters

Reuters| Mar 16, 2012

Follow us and post your comments: in Twitter Facebook



Send this story to a friend


Copyright© 1999-2009 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ 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+/ 800x600 pixels


TOP

Contact: editor@petroleumworld.com/
Phone:
office (58 212) 635 7252, cel (58 414) 276 3041, (58 412) 996 3730 , (58  412) 952 5301
Editor:Elio C. Ohep A/Producer - Publisher:Elio Ohep /
Contact Email: editor@petroleumworld.com
CopyRight © 1999-2006, Elio Ohep - All Rights Reserved. Legal Information
- CCS office Tele
phone/Teléfonos Oficina: ( 58 212) 635 7252
PW in Top 100 Energy Sites

Technorati Profile

Fair use notice of copyrighted material:
This 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.