Maduro Loyal to Cuba At Expense of Own Citizens

Nicolas Maduro has had state oil firm PDVSA buy foreign oil worth US$440 million and sell it at below-market prices on friendly credit terms to Cuba, Reuters reports, quoting internal company documents it has reviewed.

Trying to buy Cuban loyalty? Venezuelan people are starving. 

 

  • Like 1

Share this post


Link to post
Share on other sites

2 hours ago, Rodent said:

Nicolas Maduro has had state oil firm PDVSA buy foreign oil worth US$440 million and sell it at below-market prices on friendly credit terms to Cuba, Reuters reports, quoting internal company documents it has reviewed.

Trying to buy Cuban loyalty? Venezuelan people are starving. 

 

I am pretty sure Cuba is playing its own game since Raul Castro and even with Fidel with Venezuela making it its pawn. Venezuela used to own 49% of Cienfuegos refinery and now Cuba got it back due to the impossibility of PDVSA to keep it, due to all known problems.. And cubans are fleeing venezuela as well as deserting the many contracts and deals it used to have with Venezuela. Cuba is just finishing the leftover of Venezuela.. Its the only ally Maduro now has, with Nicaragua on the brink of collapse and Bolivia playing also its own game wth Evo Morales... Sad all this is happening and Venezuela being the laughing stock of the continent.. 

  • Upvote 1

Share this post


Link to post
Share on other sites

56 minutes ago, jose chalhoub said:

 Sad all this is happening and Venezuela being the laughing stock of the continent.. 

Indeed, it is sad, especially from your personal point of view. What's crazy here is that it looks like, according to the documents, that PDVSA is buying this crude oil on credit (Urals, I guess which makes sense given the Soviet nature of Cuba's refineries), and then selling it to Cuba for about $12 per barrel under what it paid (or not paid, as the case may be). The credit PDVSA used was future oil deliveries. What the what?

So it took oil from the Russians and from China, and possible the Swiss, promising to send its own crude oil there in the future as payment. Then it took this crude oil and sold it well below market value--and it didn't even take delivery itself. Looks like PDVSA just shipped it straight to Cuba.

Sounds a lot like PDVSA is borrowing from Peter (Russia) to loan to Paul (Cuba). Looks like Paul is the only winner here. 

This is desperation, and its scary. 

Share this post


Link to post
Share on other sites

10 hours ago, jose chalhoub said:

My latest analysis on Venezuela's elections for Political Insights. Feel free to read my latest analysis on venezuelan elections... @Tom Kirkman@CMOP@TraderTate@Marina Schwarz@Rodent

Jose, nicely written analysis, good interview.  Congratulations : ) 👍👍

Hope Venezuela's elections can change the course of the country's current trajectory.

  • Like 1

Share this post


Link to post
Share on other sites

thanks a lot for your kind gesture

  • Like 1

Share this post


Link to post
Share on other sites

13 hours ago, Tom Kirkman said:

Jose, nicely written analysis, good interview.  Congratulations : ) 👍👍

Hope Venezuela's elections can change the course of the country's current trajectory.

thanks Mr Kirkman always appreciate your comments... 

Share this post


Link to post
Share on other sites

Peruvian Fuels Market has three players Petroperu (NOC) which supplies 140 K barrels per day ol liquid fuels, Repsol which supplies 90 KBD and Pure BioFuels (PBF) which supplies 20 KBD of imported  jet fuel, ULSD and gasoline. Two days ago american refiner Valero purchased the PBF peruvian business which includes a 1 million barrel Terminal close to Callao port.

  • Upvote 1

Share this post


Link to post
Share on other sites