Page 8 - LatAmOil Week 24 2022

LatAmOil VENEZUEL A LatAmOil

PdVSA receives third cargo of Iranian oil

VENEZUELA has reportedly taken delivery of the condensate for use as blendstock in its refin-
its third cargo of Iranian crude oil, according to eries to facilitate the production of gasoline and
a Reuters report. other petroleum products from heavy crude.
Shipping documents viewed by the news Under the expanded swap agreement, Iran
agency show that the Sonia I, a Suezmax tanker will also provide assistance to PdVSA in the
that departed from the Kharg Island terminal in refurbishment and expansion of the 146,000
the Persian Gulf in early May, arrived in Ven- barrel per day (bpd) El Palito refinery. The Ven-
ezuelan waters near the Amuay refinery over ezuelan company has had difficulty carrying
the weekend. The documents indicate that the out maintenance and repair work on its down-
vessel is carrying about 1mn barrels of Iranian stream facilities in recent years because of the
crude.Those barrels make up the third cargo US sanctions regime, which limits its ability to
supplied to Venezuela’s national oil company secure new parts and equipment for its refiner-
(NOC) PdVSA by NaftIran Intertrade Co. ies. ™
(NICO) under a supply contract signed in May
between Tehran and Caracas, Reuters said. The
contract calls for PdVSA to supply refined petro-
leum products or its own extra-heavy crude in
exchange for lighter Iranian oil.
The first two cargoes of Iranian crude arrived
in Venezuela last month on very large crude car-
riers (VLCCs), the Dino I and the Silvia I. These
tankers loaded up with residual fuel oil and Ven-
ezuelan heavy crude before returning to Iran.
PdVSA, meanwhile, has been processing the
Iranian crude in its own refineries.
The swap contract signed between Tehran
and Caracas in May serves to expand the scope
of a previous swap agreement under which
PdVSA pledged to deliver heavy crude to the
Iranian side in exchange for supplies of Iranian
gas condensate. The Venezuelan NOC needed The Iranian oil was delivered to a site near the Amuay refinery (Photo: Wikimedia)

GUYANA
Guyana praised for plan to use oil revenues

to fund establishment of green economy

ACCORDING to the Inter-American Develop- as it reaped the financial rewards of develop-
ment Bank (IADB), Guyana’s government has ing the country’s offshore crude oil reserves. It
succeeded in formulating a comprehensive plan remarked that Guyana had demonstrated its
aimed at using oil revenues to facilitate the move awareness of the need to make conservation a
toward a greener economy. priority in 2009, when it signed an agreement
In a recent loan document, the IADB stated with Norway to maintain the integrity of its
that the plan outlined in the country’s Low forests.
Carbon Development Strategy (LCDS) 2030 As part of this agreement, the loan docu-
provides a clear pathway for the transition to ment noted, Guyana committed to contribute
renewable energy sources. This pathway should the sum of $250mn over a period of five years
bring the country closer to achieving its target of toward participation in Reducing Emissions
deriving 74% of its energy supplies from renew- from Deforestation and Forest Degradation, a
able sources by 2040, the bank said. programme under the jurisdiction of the UN
IADB also praised the Guyanese government Framework Convention on Climate Change
for its efforts to conserve natural resources even (UNFCCC).

P8 www. NEWSBASE .com Week 24 16•June•2022