Posted on 01/18/2018 6:39:06 AM PST by C19fan
Venezuela’s oil output is collapsing, making it unlikely the South American country can benefit from rising global prices for oil and increasing the chances of a debt default this year that could turn its economic crisis into a humanitarian disaster.
(Excerpt) Read more at wsj.com ...
I read here in FR a few weeks ago something about them adding a lot of water to their oil shipments which was creating problems (duh) when it reached the refineries in China and the Chinese were none too happy about it
Stifle all initiative, yeah, THAT’S the ticket!
Cuba once had a large and relatively efficient crude oil refining capability. Don’t much hear about that any more. Originally a joint venture between Venezuela and Cuba, a Russian-built refinery in the Caribbean has fallen largely into disuse, since Venezuela cannot provide the necessary flow of crude, which is only partially supplemented by shipments from Russia and Algeria.
There was also a large refinery within Cuba, built back in the days of Batista, which was nationalized when Castro took over in 1959, and for which no compensation was ever paid, but it has fallen into a moldering pile of rust.
Heavy sour Canadian has been pumped to US refineries since 1948.
Molton sulfur is generally shipped in special tank cars.
The Pine Bend refinery south of St. Paul receives Canadian heavy crude by pipeline every day.
Steam explosions happen!...................
Sulfur has it’s industrial uses, but it is acommon element. It can even be found in its raw form, on the ground, that’s where ‘Yellowstone’ gets its name................
Occidental Petroleum bought Cities Service in 1982, and CITGO was incorporated as a wholly owned refining, marketing and transportation subsidiary in the spring of the following year. Then, in August, 1983, CITGO was sold to The Southland Corporation to provide an assured supply of gasoline to Southland’s 7-Eleven convenience store chain.
In September, 1986, Southland sold a 50 percent interest in CITGO to Petróleos de Venezuela, S.A., (PDVSA), the national oil company of the Bolivarian Republic of Venezuela. PDVSA acquired the remaining half of CITGO in January, 1990 and the company is owned by CITGO Holding, Inc., an indirect, wholly owned subsidiary. With a secure and ample supply of crude oil, CITGO quickly became a major force in the energy arena.
Since 1985, CITGO has sold its various products through independent marketers. Our relationship with these individuals is really what makes CITGO different from other petroleum companies.
After a nominal search on G**gle I found that Southland Corp sold CITGO to PDVSA in 1986 and the rest in 1990 (cited above).
Any linkies to the theft of CITGO after the sale? Or did Chaves simply nationalize Conoco properties in VZ, like so many other dictators have done around the world?
The Venezuelans voted themselves into the toilet.....twice.
I was close.................My HS Spanish is 45 years old!...................
They’re already eating zoo animals and slaughtering cows in farmers’ fields. I’d say they’re well into the humanitarian crisis phase.
The Citgo Lake Charles refinery was built to handle Venezuelan crude.
http://abarrelfull.wikidot.com/citgo-lake-charles-refinery
“The only thing they have going for them is that there aren’t a lot of muslims there, or their goose would really be cooked.”
Actually, in addition to the Cuban security forces, there’s a large contingent of Iranian security forces, many of whom now have Venezuelan passports, according to reputable reports, including the WSJ’s Mary O’Grady.
COP held a bunch of CITGO bonds when they were nationalized. In the billions.
Quien es
Just ask any GM bond holders ... scratch that, the feds said that it was OK, so that makes it all better.
Not.
I believe that should be Quien.
"Who" rather than "What".
Si?
Si....................es muy mal espanol..............
We have Grocery Boy Jr. here, Citgo gas.
Never buy it.
I think there’s a big refinery on Aruba that refines VZ oil.
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