(Technology) — Tankers are queuing at an older oil terminal in Venezuela’s western area to pick up crude shipments with plans to leave the South American nation ahead of a May 27 deadline imposed by the United States for ceasing operations and exports, as stated in documents and data reviewed.
U.S.-sanctioned Venezuela is set to inaugurate this month exports of a new crude grade, Blend 22, to lure customers even after the expiration of licenses Washington had granted to companies in the U.S., India and Europe to carry Venezuelan oil exports.
Since the grade consists of crude oils mixed by the state-run oil firm PDVSA at its western operations, shipments have to go through La Salina, an old and run-down facility on Lake Maracaibo’s coast. This leads to frequent staining of vessels’ hulls when they dock because of leaks emanating from underwater pipes.
Vessels are limited to loading no more than 350,000 barrels of crude oil in that region due to insufficient dredging in Lake Maracaibo.
Many PDVSA clients usually steer clear of La Salina, but with deadlines nearing for purchasers receiving Venezuelan crude shipments under US-issued permits, several have decided to take the chance and load from there. This move has started causing delays and a backlog of tankers queuing up at Maracaibo’s anchorage, according to the records and vessel tracking information.
A ship chartered by the trading company Vitol to carry a 250,000-barrel shipment of Blend 22 assigned by PDVSA to France’s Maurel & Prom is currently undergoing hull cleaning this week. This follows the completion of loading operations last week, as indicated in one of the provided documents.
The firms are set to transport a comparable shipment thereafter as part of an oil exchange involving heavy naphtha from Venezuela. Additionally, up to three more deliveries might occur contingent upon reaching an accord with PDVSA, stated a person privy to the negotiations.
The nearby Bajo Grande facility, previously utilized by Chevron to transport oil from their joint operations prior to PDVSA canceling shipments designated for the American company earlier this month, has now been repurposed by the state entity to load Boscan heavy crude onto vessels for offshore storage, according to the records.
Out of roughly a dozen ships that Chevron possessed near Venezuelan ports at the beginning of this month prior to the cargo cancellations, five continue to stay near Aruba awaiting instructions. The rest have been redirected to collect shipments from other locations, as indicated by LSEG vessel tracking information.
PDVSA, M&P, and Chevron did not respond promptly to requests for comments. Vitol chose not to comment.
The administration of President Nicolas Maduro has condemned the intensification of sanctions imposed by Washington and asserted that these actions constitute an “economic war” against their nation.
(Reported by Technology Staff; Edited by Marguerita Choy)