06/11  Closing Prices / revised 06/12/2024 07:53 GMT 06/11 OPEC Basket  $82.36   +$1.43 cents 06/11 Mexico Basket (MME) $72.63  +$0.43  cents  | 04/30 Venezuela Basket (Merey)   $74.91   +$3.93 cents | 06/11 NYMEX WTI Texas Intermediate July CLN24 $77.90  +$0.16 cents  | 06/11 ICE Brent August  BRNQ24    $81.92  +$0.29 cents  | 06/11 NYMEX Gasoline June RBN24  $2.40  +0.1%  |  06/11 NYMEX  Heating Oil July  RBN 24    $2.42  +0.3% | 06/11 Natural Gas July NGN24  $3.12   +7.7%  | 06/07 Active U.S. Rig Count (Oil & Gas)   594  -6  | 06/12 USD/MXN Mexican Peso   18.6503  (data live)  | 06/12 EUR/USD     1.0745 (data live)  | 06/12 US/Bs. (Bolivar)   $36.43850000 ( data BCV)

Venezuela sells market-price petcoke cargoes to Maroil amid contract talks – Reuters

A mound of coke is seen next to an oil tank at PDVSA's Jose Antonio Anzoategui industrial complex in the state of Anzoategui April 15, 2015.
A mound of coke is seen next to an oil tank at PDVSA’s Jose Antonio Anzoategui industrial complex in the state of Anzoategui April 15, 2015. (Carlos Garcia Rawlins/Reuters)

Marianna Parraga, Reuters

EnergiesNet.com 07 26 2023

Venezuela’s state oil company PDVSA last month began selling spot cargoes of petroleum coke to Maroil Trading, the largest exporter of the country’s oil byproduct, to avoid a total halt in shipments amid contract negotiations, documents showed.

PDVSA and Maroil have been in discussions over the validity of a 2017 contract and millions of dollars in receivables from supplies of Venezuelan petcoke, which has knocked exports in the last two months.

The state firm earlier this month approved two contracts to supply petcoke to new customers, and has also delivered spot cargoes to Maroil so the company can fulfill obligations with its ultimate buyers, according to the documents. Petcoke is a byproduct of oil processing used to fuel cement kilns.

The most recent cargo approved by PDVSA to Maroil is for 25,000 metric tons to be loaded later this month at the Jose port in a shipment bound for Turkey. The cargo was priced at $15 per ton below the Argus 4.5% sulphur green petcoke at the U.S. Gulf Coast index.

The cargo must be fully prepaid in euros, one of the documents showed.

PDVSA delivered three previous cargoes to Maroil since late June under similar terms, a strategy that could help calm final customers wondering about deliveries, especially in Asia.

PDVSA did not reply to a request for comment.

David Houck, an attorney at law firm Winston & Strawn, which represents Maroil, declined to comment on any customer contracts, but said the contract dispute with PDVSA continues.

“As Maroil indicated a few weeks ago, the relationship remains amicable between PDVSA and Maroil,” he added. Winston & Strawn earlier this month had said that Maroil was not facing legal action from its customers over deliveries.

PDVSA’s CEO and oil minister Pedro Tellechea last week said Venezuela is not willing to halt productive operations during contract audits. The country maintains “a good relationship” with Maroil’s owner, Wilmer Ruperti, he said.

Reporting by Marianna Parraga; Editing by Daniel Wallis

reuters.com 07 25 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top