The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.  EnergiesNet ” Latin America & Caribbean web portal with news and information on Energy, Oil, Gas, Renewables, Engineering, Technology, and Environment.– Contact : Elio Ohep, editor at  EnergiesNet@gmail.com +584142763041-   The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.
10/14 Closing Prices / revised 10/15/2024 08:30 GMT | 10/14 OPEC Basket  $77.18 –$1.25 cents | 10/14 Mexico Basket (MME)  $68.73 –$ 1.60 cents 08/31 Venezuela Basket (Merey)  $62 15   +$1.66 cents  10/14 NYMEX Light Sweet Crude $73.83 -$1.73 cents | 10/14 ICE Brent Sept $77.46 -$1.58 cents | 10/14 Gasoline RBOB NYC Harbor $2.11 -2% | 10/14 Heating oil NY Harbor  $2.27 -3% | 10/14 NYMEX Natural Gas $2.49 -5.2% | 10/11 Active U.S. Rig Count (Oil & Gas)  586 +1 | 10/15 USD/MXN Mexican Peso19.3870 (data live) 10/15 EUR/USD  1.0906 (data live) | 10/15 US/Bs. (Bolivar)  $37.88800000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch

Brazil’s Petrobras Taps Chinese Banks to Finance Deepwater Oil Expansion – Bloomberg

  • China to help finance Petrobras and its equipment suppliers
  • Oil major is expanding biggest fleet of production vessels
The Petroleo Brasileiro SA (Petrobras) MV30 Carioca floating, production, storage and offloading (FPSO) vessel anchored in Angra dos Reis, Rio de Janeiro state, Brazil, on Thursday, July 1, 2021. (Dado Galdieri/Bloomberg)
The Petroleo Brasileiro SA (Petrobras) MV30 Carioca floating, production, storage and offloading (FPSO) vessel anchored in Angra dos Reis, Rio de Janeiro state, Brazil, on Thursday, July 1, 2021. (Dado Galdieri/Bloomberg)

Mariana Durao, Bloomberg News

RIO
EnergiesNet.com 09 28 2023

Petrobras is recruiting Chinese banks to finance its deepwater oil expansion in a sign of growing ties between Brazil’s state-controlled oil company and the world’s second-biggest economy. 

Rio de Janeiro-based Petrobras recently met with Chinese financial institutions to get loans for itself, as well as for its equipment and services suppliers, Chief Financial Officer Sergio Caetano Leite said in an interview. The idea is to make sure there’s enough affordable capital available for deep-water oil projects in Brazil’s South Atlantic, he said. 

Petrobras’s outreach comes as President Luiz Inacio Lula da Silva pursues Chinese investment to deliver on his ambitious plans to reindustrialize Brazil’s economy. China is Brazil’s largest trading partner and buys nearly a third of all its exports.

“Petrobras has been growing at a fast pace and wants to ensure that its suppliers can keep up with this growth,” Leite said in an interview at Petrobras’s headquarters.

Many of the floating, production, storage and offloading vessels that Petrobras buys or leases are assembled at Chinese shipyards. This makes it easier for FPSO builders to get Chinese loans for the vessels, which can cost as much as $3.5 billion each. Chinese banks will also help Petrobras finance renewable energy projects, Leite said. 

Chinese financial institutions already account for more than 25% of Petrobras’s loans, and Leite sees this share rising even though the company will keep total liabilities below $65 billion. Petrobras signed five-year term agreements with China Development Bank and the Bank of China during a business trip to the country last month. 

Management met with other financial institutions including Sinosure, CITIC Bank, ICBC, and Chinese sovereign funds. Petrobras is studying opening a Chinese subsidiary next year to focus on finance and procurement, he said. 

Petrobras has the biggest and fastest-growing FPSO fleet on the planet. It will add 14 more by the end of 2027, and if its suppliers have better access to credit it will lower overall costs, Leite said. 

Financial transactions in renminbi is also a topic Chinese banks would like to discuss with Petrobras, he said. Petrobras doesn’t currently have any operations underway in Chinese currency. 

Read More: Brazil Takes Steps to Transact in Yuan as China Ties Grow 

Petroleo Brasileiro SA, as it is formally known, is also working to get closer to Middle Eastern countries. After the trip to China last month, officials stopped in Abu Dhabi for meetings with companies including Adnoc and Mubadala Capital. The company also plans a visit to Saudi Arabia soon, Leite said. 

Leite sees Gulf countries as significant players in the energy transition as they “seek to reverse their image as oil villains” and are willing to spend heavily on decarbonizing the economy. Petrobras itself is planning to earmark up to 15% of its total investments toward renewable energy projects, and is looking for partners to share investment costs. 

“It’s the financial sector and the oil and gas industry that will finance the energy transition,” Leite said.

bloomberg.com 09 26 2023

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