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Venezuela Sells Oil Refinery Stake To Cuba

Venezuela has offered its stake within the Cienfuegos refinery to its accomplice in the joint enterprise, Cuba. Venezuela’s state oil firm PDVSA held 49 % within the refinery, and according to a former government official from the South American country, Cuba took over the stake as fee for debts that had been incurred from tanker rentals and professional providers, Reuters reported.

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Primarily based on reviews from Cuban media, evidently the official takeover was the natural conclusion of a de facto takeover: Cuban day by day Granma famous that the Cienfuegos refinery has been working as a fully Cuban state facility since this August.

The refinery has a capacity of 65,000 barrels of crude every day, however in August this 12 months it only processed about 24,000 bpd, the Cuban every day mentioned. What’s extra, Venezuela’s oil trade troubles led to a change within the oil and gas exploration and production definition grades it despatched to Cienfuegos to heavier ones which are tougher to process.

Cienfuegos produces fuels for the Cuban market, which relies on Venezuelan crude oil to satisfy more than two-thirds of oil and gas exploration and production definition its gasoline demand. Yet since 2014, deliveries of Venezuelan oil have declined persistently, and are now 40 percent decrease than three years ago, which has prompted Cuba to look elsewhere for the commodity.

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Earlier this yr, Cuba acquired a Russian crude supply from Rosneft, and the Russian company has indicated it was keen to develop its cooperation with the Caribbean island.

There are few international firms with a presence within the Cuban vitality market. One of these, Australian Melbana Vitality, earlier this yr announced that it had deliberate a drilling campaign in an onshore block that would comprise as much as forty four billion barrels of crude, of which 637 million barrels recoverable. If Melbana makes a profitable discovery, Cuba would in the future have the ability to diminish its dependence on imported crude and fuels.