Page 13 - LatAmOil Week 48 2020

LatAmOil MEXICO LatAmOil

“By focusing on the critical need for new energy Jeffrey Martin, said.
infrastructure right here in North America, He continued: “More importantly, this will
both Sempra LNG and IEnova have created a provide an improved platform for innovation
significant pipeline of development projects that and potential new investments in renewables,
are expected to provide differentiated growth for hydrogen, energy storage and carbon seques-
decades to come,” Sempra’s chairman and CEO, tration.” ™

VENEZUEL A
Venezuela resumes direct

crude oil exports to China

VENEZUELA has reportedly resumed direct November, the news agency noted.
shipments of crude oil to China after more than Little-known firms like Wanneng Munay
a year of minimal activity. have emerged in recent months to help PdVSA
The US sanctions regime has driven most of continue shipping oil to Asia. Several major buy-
the trade in Venezuelan oil underground since ers of Venezuelan crude, including India’s Reli-
early 2019. However, vessel-tracking data com- ance Industries Ltd (RIL) and Thailand’s Tipco,
piled by Refinitiv Eikon and internal documents have suspended shipments, and cash-strapped
from Venezuela’s state company PdVSA led PdVSA is suffering as a result. US trade restric-
Reuters to conclude that Venezuela and China tions have only compounded the impact of the
had restarted direct shipments in August. coronavirus (COVID-19) pandemic, which has
The first tanker to bring Venezuelan pro- cut global energy demand and oil prices.
duction directly to China was the Kyoto, which The administration of US President Donald
loaded 1.8mn barrels of heavy crude in late Trump has been trying to use sanctions on Ven-
August, said the news agency, citing the ship- ezuela as a means of breaking socialist President
ping monitoring website TankerTrackers.com. Nicolas Maduro’s grip on power. Washington
The ship, chartered by a Russian company imposed harsh trade restrictions on PdVSA in
called Wanneng Munay, allegedly completed early 2019 in the hope that the loss of oil reve-
most of its voyage with its location transponder nues might lead Maduro to step down in favour
switched off. of the interim government led by Juan Guaido,
According to an internal PdVSA document the head of the political opposition. It has been
and Refinitiv Eikon data cited by Reuters, the enforcing the sanctions regime more strictly this
Kyoto discharged at China’s Dalian oil terminal year, in an effort to topple Maduro more quickly.
in early November. Meanwhile, another tanker The US is traditionally the main destination
called the Warrior King began discharging Ven- for the Latin American country’s crude exports.
ezuelan crude at China’s Bayuquan port around Oil production levels and export volumes have
the same time, and two more vessels owned by plunged since PdVSA lost access to the US and
state-run PetroChina loaded oil in Venezuela in other markets. ™

The Russian-chartered tanker reportedly sailed to China with its transponder switched off (Photo: File)

Week 48 03•December•2020 www. NEWSBASE .com P13