Cuba takes over Venezuela stake in refinery joint venture

Venezuela has pulled out of a partnership with Cuba in its Cienfuegos oil refinery and the Caribbean island has taken full ownership of the plant. Venezuela is grappling with an economic crisis that already forced it to slash cheap oil shipments to Cuba

 

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Venezuela’s oil industry is going down it flames and it looks like it may just take Cuba down with it. Venezuela's crude and fuel deliveries to Cuba have slid almost 13 percent in the first half this year

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The drop in Venezuelan oil deliveries to Cuba has led to a major cut in production at a refinery in Cienfuegos managed by the two countries. And Cuba is dependent on Venezuelan for the past 20 years.

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Cuba's government since 2016 has reduced fuel allocations 28 percent to most state-run companies, and has cut electricity consumption. Public lighting was cut 50 percent, while residential electric use was spared. Beginning in March, Cubans also have reported minor gasoline and diesel shortages at service stations.

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Well, who would guess. It looks like Russian oil giant Rosneft plans to develop cooperation with Cuba on expansion of oil supplies, production and upgrade of the Cienfuegos refinery.

 

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Who could have ever guessed that Russia would want to cooperate with Venezuela on oil prices?

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Trumps anti-Venezuela stance certainly helped push them into the arms of Russia. I just hope they wont bring rocket launchers like in 1961

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Increasing oil prices has been a long-time objective for Putin to make Russian oil reserves more accessible. No decline in demand, only price increases world-wide.

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7 minutes ago, JohnAtronis said:

Who could have ever guessed that Russia would want to cooperate with Venezuela on oil prices?

Getting into Twitterfights with football players and basketball players' dads is apparently far more important than being a leader on the world stage

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Putting the economic squeeze on poverty-struck Venezuela is doing nothing but shoving them into the arms of the Iranians and the Russians.

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The US just never learns. Sanctions in the 21st century doesn't work as it used to...countries have formed great alliances and have found ways to bypass the dollar. 

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In the beginning of 2017, media reported citing a letter of the Russian deputy economy minister to the cabinet that Moscow is considering a possibility of increasing supplies of Russian oil and oil products to Cuba.

According to the Russia's Federal Customs Service, Russia supplied 17,100 tons of oil products to Cuba in 2010-2015, with total cost of $11.3 million. In January – November 2016, some 3,100 tons of oil products costing $740,000 were exported to Cuba.

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6 minutes ago, Stephen said:

Getting into Twitterfights with football players and basketball players' dads is apparently far more important than being a leader on the world stage

off topic, Stephen

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1 minute ago, Joanna said:

off topic, Stephen

Russia extending its influence in Latin America. China aggressively expanding is sphere of influence in Asia. And what is US administration doing? Well, just check twitter thread 

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and what about CITGO stations. I am afraid Russians are on US soil already 

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1 minute ago, JohnAtronis said:

and what about CITGO stations. I am afraid Russians are on US soil already 

you are right. 

Russians are floating a $1.5 billion loan to the Venezuelans, but want Citgo as collateral. Rosneft is negotiating to switch its collateral in the refiner for oilfield stakes and a fuel supply deal - a move to avoid complications from U.S. sanctions and legal problems, sources said at the time.

 

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It just occurred to me. Neither the Cuban nor Venezuelan people will ever see any of the wealth stolen from them. So, Russia, US, domestic dictator...who cares 

 

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PDVSA is paralyzed. One of the report from Venezuela said at least $11 billion is “missing” at that company between 2004 and 2014.

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Venezuela is languishing by its own hand. Mismanagement, corruption, piddling their savings away instead of holding out for a rainy day (heeelllloo 2014 oil price crash)--all while sitting on the world's largest oil reserves. The potential.... endless. In reality, they are sitting on monumental debt, have little cash left, can't unload tankers in its ports, and can neither get oil out of the ground nor refine it. The Russians, and perhaps China (I want to say "Chinans" there but I know that's wrong), have been waiting to lend a hand to Venezuela for a while (well before July, Russia and Venezuela struck deals (specifically with regards to Citgo), and Venezuela is now desperate and will take whatever help they can get. US sanctions aren't pushing anyone into the arms of Russia...they were already there. Without US sanctions, Venezuela would be right where they are today. Poor, sick, hungry, mismanaged, and looking for a way out of the mess their government made. Wait... that's right where they were prior to US sanctions (I mean, this round of sanctions, anyway. Obama levied sanctions in 2015).

To get back on topic, Venezuela is literally giving away its oil assets to repay debts--it's all downhill from here, folks. Many are licking their lips at the prospect of "helping" Venezuela with its reserves.

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The country was "destroyed" and robbed mostly from the inside. At the same time many from outside also took  money away from Venezuela. However, what to expect and how Venezuela can go ahead if we read information like this one that El Pais released today.

.... "El Senor de los Relojes," and money man of ex PDVSA chief Rafael Ramirez, spent $ 2 million to buy 109 Rolex watches. He would grind up old watches of party guests and give them new roles!"

PDVSA gold mine

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oh gosh, Petar, don't give them a gold mine too. Oil is already more than they can handle.

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US must stop Venezuela from sliding toward total dictatorship

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we have a long history of supporting the wrong horse when it comes to regime change. 

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5 minutes ago, Stephen said:

US must stop Venezuela from sliding toward total dictatorship

Because US interventionism in Afghanistan, Somalia, Iraq, Libya, Syria...has saved so many lives. 

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