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The payment system allows for a few nations to buy oil on market value but only a certain amount is needed up front; the remainder can be paid through a 25-year financing agreement on 1% interest. The deal allows for the Caribbean nations to purchase up to 185 million barrels (29,400,000 m 3 ) of oil per day on these terms.
Venezuela also has 150 trillion cubic feet (4.2 × 10 12 m 3) of natural gas reserves. The crude oil PDVSA extracts from the Orinoco is refined into a fuel eponymously named 'Orimulsion'. [12] PDVSA has a production capacity, including the strategic associations and operating agreements, of 4 million barrels (640,000 m 3) per day (600,000 m 3).
[3] [4] In February 2005, after a PDVSA subsidiary had taken a stake in the joint venture, the project again received approval. [3] ConocoPhillips was the operator of the field and owned 32.5% of the project, with PDVSA through subsidiary CVP holding 35%, Italian company Eni holding 26% and Taiwanese company CPC Corporation holding 6.5%. [2] [4]
Officials from Venezuelan state oil company Petroleos de Venezuela [PDVSA.UL] have spoken with private contractors about paying for work fixing the country's refineries with fuel and byproducts, a ...
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Hovensa ultimately restarted the refinery in January 2021 after almost a decade offline. During a gas flare incident in May 2021, oil droplets emitted from a smokestack rained down on nearby houses, fouling rainwater collection systems. [11] Residents across the island reported feeling nauseous and ill from the release of fumes. [12]
Government figures estimated that PDVSA had annual losses of $12.5 billion with the subsidized gas prices, with PDVSA paying 28 times more to produce gasoline and 50 times more for diesel than what consumers pay at gas stations. [28] However, Rafael Ramirez was removed from being head of PDVSA and the oil ministry the next month. [29]
The payment is based on an agreement signed in 2016 by PDVSA and ONGC Videsh, the overseas investment arm of India's Oil and Natural Gas Corp <ONGC.NS>, to repatriate about $530 million in ...