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However, the U.S. Treasury Department allowed most foreign partners of state oil company PDVSA to continue producing oil in Venezuela and exporting to destinations other than the U.S.
Petróleos de Venezuela, S.A. (acronym PDVSA, Spanish pronunciation: [peðeˈβesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas.
Venezuelan dollar bonds and those of PDVSA tumbled on the cancellation news, with Venezuela's 2027 maturity down 2.25 cents, last bid at 19.75 cents on the dollar. The PDVSA 2020 dropped one cent ...
Chevron's automatically renewing license allowed it to expand crude output at joint ventures with PDVSA and send some 240,000 bpd to its own refineries and other customers. It was the second blow ...
On January 28, 2019, the U.S. Government imposed sanctions on PDVSA, freezing its assets in the U.S., and barring any U.S. firms and citizens from doing business with it. [47] [48] [49] In February, Citgo cut ties with the PdVSA, and halted payments to them, placing them in a "blocked account". However, the sanctions limited Citgo's ability to ...
The country officially nationalized its oil industry on 1 January 1976 at the site of Zumaque oilwell 1 (Mene Grande), and along with it came the birth of Petróleos de Venezuela S.A. (PDVSA) which is the Venezuelan state-owned petroleum company. All foreign oil companies that once did business in Venezuela were replaced by Venezuelan companies.
The seizure of the Dassault Falcon 2000EX aircraft used by Petroleos de Venezuela, S.A. (PdVSA), the sanctioned Venezuelan state-owned oil and natural-gas company, came as Secretary of State Marco ...
The U.S. imposed additional sanctions on PDVSA on 28 January 2019 to pressure Maduro to resign during the 2019 Venezuelan presidential crisis. [105] [106] The sanctions prevented PDVSA from being paid for petroleum exports to the U.S., froze $7 billion of PDVSA's U.S. assets and prevented U.S. firms from exporting naphtha to Venezuela. Bolton ...