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Venezuela

Isla Talks Stalled by Covid-19

The Covid-19 pandemic has delayed negotiations toward a final agreement for the Klesch Group to become operator of Curacao’s Isla Refinery, according to local media reports.

Calumet Returns Payroll Protection Loans

Calumet Specialty Products Partners repaid $31.4 million in federal Paycheck Protection Program loans Monday, two weeks after acknowledging that it could face penalties under shifting government policies for the program.

U.S. Lifts Sanctions on Nynas

Nynas AB announced Tuesday that Petroleos de Venezuela S.A. sold a 35 percent stake in the company and that the United States lifted sanctions against Nynas as a result of the divestment.

PdVSA Lube Chief Arrested

The president of Petroleos de Venezuela S.A.’s lubricant business was one of several company officials arrested early this month on corruption allegations by a committee appointed to reform the national oil company.

Citgo Under Threat Again After Ruling

A United States appeals court lifted a hold Monday on Crystallex International Corp.s efforts to seize shares of refiner Citgo as part of a grievance with Venezuelas Petroleos de Venezuela S.A.

Lubricants a Luxury in Venezuela

Due to the ongoing political and economic crisis in Venezuela, acquiring goods is an uphill battle in the country - and this certainly does not exclude lubricants.

Preferred Bidder Ditches Curacao Talks

Curacaos Isla Refinery is taking a step back in its search for a new manager after its preferred bidder withdrew from negotiations, refinery officials said in a statement last Tuesday.

South America Survives Without PdVSA Base Oils

The sidelining of base oil plants operated by Venezuelas national oil company may be crippling that nations lubricant industry, but markets elsewhere in South America are managing comfortably, industry insiders and observers say, thanks to dependence on other sources and plentiful supplies from the United States.

Isla Refinery Halts Search Amid Probe

Curacaos government suspended its impending selection of a new operator for its Isla Refinery until a probe into corruption allegations regarding the selection is resolved, according to media reports.

Venezuela Progresses on Settlement to Retain Citgo

Venezuela completed an initial payment to defunct Canadian gold miner Crystallex International last week as part of a $1.2 billion amended settlement reached in September. That followed a United States district courts approval in August of Crystallexs request to seize control of shares from a U.S. subsidiary of Petroleos de Venezuela, S.A. that owns Citgo.
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