Page 13 - LatAmOil Week 35

LatAmOil COLOMBIA LatAmOil

It should also take steps to streamline the pro- originally anticipated. It explained this move by
cess of obtaining environmental permits, he pointing to the sharp decline in world crude oil
added. prices and the demand destruction caused the
ACP had said in early 2020 that it expected coronavirus (COVID-19) pandemic.
Colombia’s oil and gas industry to attract around These factors have also led the Colombian
$4.97bn worth of investment this year, marking government to trim its oil production forecast
a rise of 23% on the 2019 figure. In April, though, to 820,000-850,000 barrels per day. The South
it said that the volume of private investment American state extracted nearly 886,000 bpd of
flowing into the sector would be $1bn less than crude in 2019. ™

VENEZUEL A
Businessman detained for role in

Iranian fuel shipments for Venezuela

A Colombian businessman has been detained Saab began his relationship with the Vene-
on charges of serving as a special envoy of Ven- zuelan government in 2011, when he secured a
ezuelan President Nicolas Maduro in negotia- contract to build public housing in that coun-
tions with Iran on the delivery of gasoline and try, his lawyers told Reuters. The legal team did
refinery parts and equipment. acknowledge that the businessman had visited
Lawyers told Reuters last week that the busi- Iran in April. While in that country, he negoti-
nessman in question, Alex Saab, was detained ated with Iranian officials to arrange the deliv-
on June 12. They said he was negotiating the deal ery of gasoline by tanker and refinery parts and
at the time of his arrest, which took place when equipment by air to Venezuela. These talks were
his private jet stopped to refuel in Cape Verde, designed to help the South American country
the report said. alleviate fuel shortages.
Authorities in Cape Verde were acting on an Through strict sanctions, the administration
international arrest warrant for money launder- of President Donald Trump is trying to break
ing charges filed in the US last year. US prose- socialist Venezuelan President Nicolas Maduro’s
cutors have accused Saab of bribing Venezuelan grip on power. Washington imposed sanctions
officials and transferring $350mn in illegally on the national oil company (NOC) PdVSA in
obtained funds to overseas accounts. early 2019, in a bid to hit the country’s hydrocar-
Saab has denied the charges. His attorneys bon exports. Oil is Venezuela’s main hard-cur-
have called the US charges “politically moti- rency export, and the US has traditionally been
vated,” according to Reuters. the principal market for the country’s crude.
A Spanish law firm is representing Saab in US authorities have been implementing the
Cape Verde, with Baltasar Garzon, a former sanctions more tightly in recent months, in an
Spanish judge, serving as the head of his defence effort to force Maduro to step down in favour of
team. The firm has described Saab in a statement the interim government led by opposition poli-
as “the key figure for the US in their plan to over- tician Juan Guaido. Maduro’s administration is
throw Nicolas Maduro and keep suffocating the already barely able to afford food, medicine and
Venezuelan people.” other imports. ™

Venezuela took delivery of Iranian gasoline in late May and early June (Photo: VTV)

Week 35 03•September•2020 www. NEWSBASE .com P13