LatAmNRG Prospector: Week 17 2019

LATAMNRG PROSPECTOR VOL 17 2019

Argentina Exported An Average 6 MMcm/d To Chile During 1Q:19

Mexico’s 1P Reserves Down Substantially Versus 20 Years Ago

Petrobras BOD Gives Thumbs Up To Potential Refinery Sales

Vaca Muerta Formation Produces 35% Of Country’s Natural Gas

PDVSA Says Morichal Electric Generation Plant Back In Service

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Energy Analytics Institute’s weekly LatAmNRG prospector and select highlights from the week. Read the full stories online 24/7 at www.energy-analytics-institute.org

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ARGENTINA Vaca Muerta Formation Produces 35% Of Country’s Natural Gas (Energy Analytics Institute, Aaron Simonsky, 23.Apr.2019) — Argentina’s Vaca Muerta formation currently accounts for close to 35% of Argentina’s natural gas production and 15% of the South American country’s crude oil production, announced Neuquén Governor Omar Gutiérrez.

Energy Analytics Institute (EAI) is a Houston-based private organization focused on provided integrated services related to the Latin American and Caribbean upstream, downstream, midstream and renewable energy sectors.

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In the last three years, unconventional oil production has grown 150% while gas production has grown 430%, online media Vaca Muerta News reported on 23 April 2019, citing the official said. In the last year alone oil production has grown 80%, while gas production has grown 230%, the media reported.

“Neuquén is once again Argentina’s main oil and gas producing province, ” Gutiérrez said. “The Vaca Muerta formation is the best unconventional resource and reservoir in the world,” he concluded.

Argentina Exported An Average 6 MMcm/d To Chile During 1Q:19 (Energy Analytics Institute, Aaron Simonsky, 25.Apr.2019) — Argentina shipped an average of almost 6 million cubic meters per day (MMcmd/) of natural gas to Chile during the first quarter of 2019, while a peak of 9.6 MMcm/d was achieved in March 2019, Argentina’s Energy Secretariat announced on 25 April 2019 in an official statement.

Argentina, which suspended natural gas exports to Chile in 2007, recommenced exports to its South American neighbor in late 2018.

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BOLIVIA

process of the 2020-2024 Business and Management Plan, which is expected to be approved and disclosed in the 4th quarter of 2019.

Bolivia Gas Production: “Increasingly Smaller, Increasingly Expensive”

The new guidelines consider the sale of assets, with emphasis on downstream segment, including the full sale of PUDSA, a network of service stations in Uruguay, eight refineries with total refining capacity of 1.1 million barrels per day, and the additional sale of the stake in Petrobras Distribuidora (BR), with Petrobras remaining as a relevant shareholder.

(Energy Analytics Institute, Ian Silverman and Piero Stewart, 23.Apr.2019) — Bolivia’s production of natural gas reached 36 million cubic meters per day (MMcmd/) in March 2019, one of the lowest levels in the last 10 years, Mauricio Medinaceli, an expert on the subject, wrote in his blog titled “Natural Gas Production In Bolivia: Increasingly Smaller, Increasingly Expensive.”

Bolivia’s gas production has fallen from more than 60 MMcm/d in 2014 to current levels, online media El Diario reported 23 April 2019, citing Medinaceli.

“To maintain reasonable levels of investment with lower levels of production, higher sales prices are necessary,” Medinaceli said. “This is certainly doubtful in coming years, given the growing competitiveness of Vaca Muerta in Argentina and LNG in Brazil.”

In terms of total costs to produce a unit of natural gas in Bolivia, excluding exploration costs, those figures are around $1.53, Medinaceli said. This compares to a domestic sales price of approximately $0.90, he added.

“In other words, producing gas in Bolivia costs $1.53 but the sale price for Bolivians is $0.90. This has a name: subsidy,” Medinaceli said.

BRAZIL Petrobras BOD Gives Thumbs Up To Potential Refinery Sales (Petrobras, 26.Apr.2019) — Petrobras announced that the Board of Directors, in a meeting held today, approved new guidelines for the management of its asset portfolio.

The guidelines are in line with the Resilience Plan, released on 03/08/2019, being part of the preparation

The downstream assets included in this divestment program are: Refinaria Abreu e Lima (RNEST), Unidade de Industrialização do Xisto (SIX), Refinaria Landulpho Alves (RLAM), Refinaria Gabriel Passos (REGAP), Refinaria Presidente Getúlio Vargas (REPAR), Refinaria Alberto Pasqualini (REFAP), Refinaria Isaac Sabbá (REMAN) and Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR).

The refineries’ divestment projects, in addition to repositioning the company’s portfolio to higher-yielding assets, will also allow for the increase in competitiveness and transparency of the downstream business in Brazil, in line with the National Petroleum, Natural Gas and Biofuels Agency (ANP) position and recommendations of the Administrative Council for Economic Defense (CADE).

Projects will follow Petrobras’ divestment methodology and will have their main phases timely disclosed to the market.

Regarding BR Distribuidora, a secondary public offering of shares (follow-on) is under study. Currently, Petrobras’ stake in BR Distribuidora is 71%.

The guidelines are in accordance with the strategic pillars of the company that aim to maximize shareholder value by focusing on assets in which Petrobras is the natural owner, in order to improve capital allocation, increase the return on capital employed and reduce its cost of capital.

Petrobras Inks Three Deals To Divest Of Assets Worth US$10.3 Billion (Petrobras, 25.Apr.2019) — Petrobras informs that today it executed three sale and purchase agreements to sell assets in the total amount of US$ 10.3 billion (about R$ 40 billion). In 2019, considering the signed transactions and

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the closed one, the total amount of asset sales is US$ 11.3 billion.

“Today is an important day for Petrobras with the execution of three relevant transactions. Continued portfolio management contributes to improving capital allocation, thereby increasing value creation for our shareholders, as well as making it possible to reduce the company’s indebtedness and cost of capital”, commented CEO Roberto Castello Branco.

The transactions are: (i) sale of 90% of its stake in the Transportadora Associada de Gás S.A. (“TAG”) to the group formed by ENGIE and the Canadian fund Caisse de Dépôt et Placement du Québec (CDPQ); (ii) sale of 50% working interest in Tartaruga Verde field (BM-C-36 Concession) and Module III of Espadarte field to PETRONAS Petróleo Brasil Ltda. (“PPBL”), a subsidiary of Petroliam Nasional Berhad (“PETRONAS”), and (iii) sale of its full stake in 34 onshore production fields to Potiguar E&P S.A., a subsidiary of Petrorecôncavo S.A. The closing of the transaction is subject to compliance with the conditions precedent set forth in the agreements, such as the approval of the Administrative Council for Economic Defense (CADE) and the National Petroleum Agency (ANP), when applicable, and any rights of partners.

ENGIE Brasil is part of the French group ENGIE, which operates worldwide in the electricity, natural gas and energy services industries, operating for more than two decades in Brazil. CDPQ is a long-term institutional investor from Canada, who currently manages an investment portfolio of more than 300 billion Canadian dollars.

Sale of 50% working interest in Tartaruga Verde and Module III of Espadarte fields The value of the transaction amounts to US$ 1,293.5 million, to be paid in two tranches: (i) US$ 258.7 million paid today; and (ii) US$ 1,034.8 million on the transaction closing date, subject to adjustments.

Petrobras will maintain 50% working interest and the operatorship of the fields. Tartaruga Verde field started operations on 06/22/2018 and currently produces approximately 103 thousand bpd of oil and 1.2 million m³/day of gas. The Module III is an area of Espadarte field to be developed in an integrated way with Tartaruga Verde field, with first oil expected in 2021.

PETRONAS is Malaysia’s state-owned fully integrated oil and gas multinational, holding 100% of the oil and gas reserves in Malaysia, with presence in over 80 countries, operating in the Upstream, Downstream, Gas & New Energy as well as Project Delivery & Technology business areas.

Sale of full stake in 34 onshore production fields in Rio Grande do Norte

Sale of 90% of TAG The transaction value is approximately US$ 8.6 billion, considering the adjustments agreed in contract, and will be paid on the transaction closing date. This amount includes the payment, by the buyer, of TAG debts with the BNDES of approximately US$ 800 million.

TAG operates in the natural gas transportation sector, presently holding long-term authorizations to operate and manage a pipeline system of about 4,500 km in length and 74 million m3/day of transport capacity, located primarily in the North, Northeast and Southeast regions of Brazil.

Petrobras will continue to use natural gas transportation services rendered by TAG, through contracts already in force between the two companies, with no impacts on its operations and the delivery of gas to distributors and other customers.

The total amount of the transaction is US$ 384.2 million to be paid in three installments: i) US$ 28.8 million paid today; ii) US$ 293.9 million at the closing date, subject to adjustments; and (iii) US$ 61.5 million as earn-out linked to the approval, by the National Agency for Petroleum, Natural Gas and Biofuels (ANP), of the contractual term extension of 10 of the 34 concessions under the transaction.

Petrorecôncavo S.A., which submitted the second-best offer in the competitive process, was selected after the disqualification of 3R Petroleum.

The fields included in this transaction are: Acauã (AC), Asa Branca (ASB), Baixa do Algodão (BAL), Boa Esperança (BE), Baixa do Juazeiro (BJZ), Brejinho (BR), Cachoeirinha (CAC), Cardeal (CDL), Colibri (CLB), Fazenda Curral (FC), Fazenda Junco (FJ), Fazenda Malaquias (FMQ), Jaçanã (JAN), Janduí

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(JD), Juazeiro (JZ), Lorena (LOR), Leste de Poço Xavier (LPX), Livramento (LV), Maçarico (MRC), Pardal (PAR), Patativa (PAT), Pajeú (PJ), Paturi (PTR), Poço Xavier (PX), Riacho da Forquilha (RFQ), Rio Mossoró (RMO), Sabiá (SAB), Sabiá Bico de Osso (SBO), Sabiá da Mata (SDM), Sibite (SIB), Três Marias (TM), Trinca Ferro (TRF), Upanema (UPN) and Varginha (VRG).

All concessions are 100% Petrobras, except for Cardeal and Colibri fields, where Petrobras holds a 50% stake, with Partex as operator with a 50% stake, and Sabiá da Mata and Sabiá Bico-de-Osso fields where Petrobras holds a 70% stake, with Sonangol as operator with a 30% stake.

The three operations are in compliance with Petrobras’ divestment methodology and in line with Decree 9.188/2017, which establishes the special disinvestment regime of federal mixed-capital companies, and Decree 9.355/2018, which provides for the special procedure for the sale of rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, as applicable.

Petrobras Clarifies News Of Agreement With Lava-Jato Task Force (Petrobras, 25.Apr.2019) — Petrobras informs that it received the Official Letter No. 141/2019/CVM/SEP/GEA1, which requests the following clarification: Official Letter No 141/2019/CVM/SEP/GEA-1 “Dear Executive Officer, … we refer to the Relevant Fact published by the issuer on 09-27-2018, the Market Communication of 01-30-2011, and the report published on 03-13-2019 by the newspaper ‘O Estado de São Paulo’ under the title ‘For Raquel, task-force agreement breaches the division of powers’, which includes information that the Federal Prosecutor-General (PGR) had filed a lawsuit with the Federal Supreme Court (STF), requesting the abrogation of the agreement signed between the prosecutors of the ‘Lava Jato’ task force in Curitiba and Petrobras, on the creation of a foundation to manage funds from fines paid by the company under a lawsuit in the United States.

In view of the time elapsed since the disclosure of the news and other documents mentioned on the matter under discussion, we request a statement with the updates deemed relevant on the subject.”

Clarification In compliance with Official Letter No. 141/2019/CVM/SEP/GEA-1, with regards to the Agreement on Assumption of Commitments (“Agreement”) entered into with the Federal Prosecutor’s Office (“MPF”), in the amount of US$ 682.6 million, corresponding to 80% of the value of the resolution entered into with the Department of Justice (“DoJ”) and the Securities and Exchange Commission (“SEC”) in the United States, being the subject of a Market Communication of 01-30-2019, the Company presents the following update.

On 03-12-2019, an Arbitration for Non-Compliance with Fundamental Precept (ADPF) was filed with the Federal Supreme Court by the Federal Prosecutor-General (PGR), which was registered under No. 568-PR. On 15.03.2019, the Rapporteur of the ADPF, Min. Alexandre de Moraes, awarded the injunction filed to “suspend all effects of the court decision handed down by the 13th Federal Court of Curitiba, which approved the Agreement of Assumption of Obligations signed between Petrobras and the Federal Attorney-General’s Office of Paraná (Lava-Jato Task Force) as well as the effectiveness of the agreement itself.” The suspension lasts until the present date, although there has not been any final decision of merit on the matter.

In contact with the Federal Attorney General’s Office, PGR and MPF, Petrobras was fully available to seek a mutually agreed solution, involving not only those bodies, but also the Government Accountability Office of the Audit Office of the Union. On this matter, the MPF issued a note on 03-12-2019, including the following: “Thus, the Lava Jato task force in the MPF/PR informs that it has been negotiating with the Federal Attorney General and Petrobras and has chosen to propose, at the court that approved the agreement, the suspension of the procedures to establish the foundation that would provide a purpose of public interest to the funds deposited in a judicial account. The Government Accountability Office and the Audit Office of the Union shall also be consulted”.

The information on the progress of the ADPF, as well as the aforementioned MPF opinion are public and can be accessed through the STF and the MPF websites, respectively.

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Facts deemed relevant shall be timely disclosed to the market.

Canadian Solar To Divest Interest In Brazilian Solar Project To Nebras Power (Canadian Solar, 24.Apr.2019) — Canadian Solar Inc., one of the world’s largest solar power companies, announced today the signing of an agreement for the sale of its 80% interest in a 482.6 MWp portfolio of contracted solar projects in Brazil to Nebras Power Investment Management B.V., a Dutch affiliate of Nebras Q.P.S.C. These projects are in advanced stages of development with construction expected to begin in 2019. Canadian Solar will supply to the projects the high efficiency bifacial modules, including from its manufacturing facility in Brazil, which is the leading supplier of high quality modules for the growing solar market in the country.

The solar portfolio includes the following projects: — Salgueiro Solar Holding SA: 114.3 MW peak — Francisco Sa Solar Holding SA: 114.3 MW peak — Jaiba Solar Holding SA: 101.6 MW peak — Lavras Solar Holding SA: 152.4 MW peak With the completion of 80% interest sale of the 482.6 MWp Brazilian portfolio to Nebras Power, Canadian Solar will have successfully sold close to 1GWp of high quality solar projects in Brazil. The agreement with Nebras provides Canadian Solar with the retention of the remaining 20% interest in the portfolio.

“Canadian Solar and Nebras will jointly manage the execution of the EPC and will bring the projects to completion. Once operational, these solar energy systems will be one of the largest bi-facial solar portfolios in Latin America, highlighting Canadian Solar’s technology leadership. We are very pleased to be partnering with Nebras Power and supporting the growth of the solar energy market in Brazil.” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

Petrobras Names New Chief Financial And Investor Relations Officer (Petrobras, 24.Apr.2019) — Petrobras informs that its Board of Directors, at a meeting held today, elected Ms. Andrea Marques de Almeida as the Company’s Chief Financial and Investor Relations Officer. Andrea is scheduled to take office on 05/02/2019.

Andrea Almeida is a production engineer, with an MBA in Finance from IBMEC-RJ and an MBA in management from USP, as well as management courses at the Wharton School of Finance and Sloan School of Management (MIT).

Worked in Vale S.A. for 25 years with extensive experience in Corporate Finance, Global Treasury and Risk Management. Was CFO of Vale Canada in Toronto from 2015 to 2018, most recently holding the position of Global Treasury Executive Manager at Vale.

Petrobras Says BOD Approves Voluntary Severance Program (Petrobras, 24.Apr.2019) — Petrobras reports that its Board of Directors has approved a new Voluntary Severance Program – PDV. Employees of Petrobras holding who are retired through the INSS (Brazilian Social Security Institute) by June 2020, when the enrollment ends, will be eligible.

The purpose of the Program is to promote renewal in the company’s staff when identified the need. Its regulation also provides for retention actions in key processes, in order to guarantee the continuity of operations and maximum security in the execution of the company’s activities.

In conjunction with other actions, the program is one of the levers for value generation of the Resilience Plan, announced on 03/08/2019.

PDV was developed taking into consideration the cost of replacing company staff, preservation of the workforce required for operational continuity and adherence to the Business and Management Plan in force. For an estimated participation of around 4,300 employees, the anticipated cost for the Program’s implementation is R$ 1.1 billion

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with an expected return of R$ 4.1 billion during the period of 2019-2023.

to last approximately 60 days and will occur primarily during the fourth quarter of 2019.

The cost and return values may vary based on actual accession, as well as other variables, since these estimates are based on assumptions and criteria currently applicable.

COLOMBIA

Petrobras Updates On Auction Of Transfer Of Rights Excess Volumes

Ecopetrol Reports Attack To OTA Pipeline In Casas Frías De Pupiales

(Petrobras, 24.Apr.2019) — Petrobras following up on the release dated 04/09/2019, informs that, on 04/18/2019, the Resolution of the National Council of Energy Policy (CNPE) No. 6 was published, setting forth the parameters for the bidding of the Transfer of Rights Agreement excess volumes under the Production Sharing regime, being notified that it should express interest in exercising its pre-emption right in the auction areas within 30 days after the publication of the resolution.

On 04/23/2019, the Ministry of Mines and Energy Ordinance No. 213 was published, defining the criteria for calculating the compensation owed by the bid winner to Petrobras, due to the deferral of its cash flow, as set forth in Resolution CNPE No. 2, of 02/28/2019.

Petrobras is also awaiting the definition of the measure that will allow the Federal Government to pay the compensation, in the amount of US$ 9.058 billion, calculated on the reference date, as a result of the review of the Transfer of Rights Agreement, to submit the matter to the competent bodies for approval.

SAExploration Announces New $25mn Ocean-Bottom Marine Project In Brazil (SAExploration, 23.Apr.2019) — SAExploration Holdings, Inc. (SAE) announced a new deep-water ocean-bottom marine project award in Brazil for a major international oil company valued at approximately $25 million. Services to be provided will include data acquisition utilizing autonomous ROV-deployed nodal recording technology in water depths up to 2,000 meters. The project is expected

(Energy Analytics Institute, Piero Stewart, 26.Apr.2019) — Colombia’s state oil company Ecopetrol activated a contingency plan along the Trasandino Pipeline (OTA) after an attack on the installation occurred on 26 April 2019 in the village of Casas Frías de Pupiales (Nariño).

The most recent attack caused a pipeline rupture and resultant oil spill, which affected the La Piñuela creek, the company announced in an official post on Twitter.

No details of the size or magnitude of the oil spilled were revealed by Ecopetrol.

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IDB Lends $600 Million To Aid Colombia Improve Energy Matrix (Renewables Now, 26.Apr.2019) — The Inter-American Development Bank (IDB) announced it will give Colombia a USD-600-million (EUR 538.9m) loan to diversify and improve its energy matrix and integrate non-conventional renewables such as wind, solar and biogas.

ECUADOR Ecuador President Mandates Merger of Petroamazonas And Petroecuador (Energy Analytics Institute, Piero Stewart, 24.Apr.2019) — Ecuador’s President Lenin Moreno mandated on 24 April 2019 initiation of a process to merge oil companies Petroamazonas and Petroecuador.

development hub, CEO John Hess said during today’s earnings conference call.

Guyana Oil Find Spurs Exploration Campaigns Among Neighbors (Amsterdam News, Bert Wilkinson, 25.Apr.2019) — As Guyana, the Caribbean Community’s largest and most resource-rich nation, prepares to become an oil producer by the end of this year, American supermajor ExxonMobil is preparing to add a fourth drilling ship to its offshore fleet given the humongous amount of oil it has found so far and the accuracy of its well drilling campaign since 2015 officials say.

MEXICO Mexico’s President AMLO Says Oil Decline Stopped

The deadline to comply with this process will be until 31 December 2020, reports online media El Comercio.

GUYANA Guyana’s Latest Discovery Similar To Nearby Liza, Hess Says (Seeking Alpha, Carl Surran, 25.Apr.2019) — Hess says Guyana’s latest offshore deepwater discovery contains oily fluids similar to those of the initial Liza discovery, which is being readied for first production early next year.

Yellowtail, the 13th discovery at Guyana’s deepwater Stabroek block by a partnership which also includes Exxon and China’s Cnooc, also is the fifth discovery in the block’s Turbot area, which is expected to become a major

(Energy Analytics Institute, Jared Yamin, 27.Apr.2019) — Mexico’s President Andrés Manuel López Obrador proclaims to have stopped the country’s declining crude oil production.

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“It declined from December to January and now we are already at 1.680 million barrels per day,” reported online media La Jornada, citing López Obrador. “We think we’re going to stabilize [production] and then little by little we’re going to increase it by the end of the year.”

FMP Transferred 115 Billion Pesos To Federal Treasury During 1Q:19

Mexico’s 1P Reserves Down Substantially Versus 20 Years Ago

(Energy Analytics Institute, Jared Yamin, 27.Apr.2019) — The Mexican Petroleum Fund for Stabilization and Development (FMP by its Spanish acronym), the agency responsible for managing income derived from the country’s hydrocarbon exploitation contracts, announced that it had transferred 114,874 million Mexican pesos during the first quarter of 2019 to the Federal Treasury, online media La Jornada reported on 27 April 2019.

(Energy Analytics Institute, Jared Yamin, 23.Apr.2019) — Mexico’s combined proved crude oil and natural gas reserves (1P) have dwindled down to 7.9 billion barrels of oil equivalent (BOE) as of January 2019 compared to the slightly more than 34 billion BOE on record in 1999.

The most current combined reserve figure is a mere 23% of the figure reported two decades ago, online media El Financiero reported on 23 April 2019.

Although Mexico’s reserves have remained in a constant decline over the 20 year period, the most recent figure, revealed by Mexico’s National Hydrocarbons Commission (CNH by its Spanish acronym) on 12 April, is the lowest point during the period.

“Reversing this fall is the biggest challenge facing the oil industry,” reported El Financiero, citing Mercury Consultant Arturo Carranza.

Mexico Says It Will Review Odebrecht Contracts (Energy Analytics Institute, Jared Yamin, 27.Apr.2019) — Mexico’s government will review contracts granted to Odebrecht, but added that they wouldn’t be canceled arbitrarily, but following all legal procedures, online media La Jornada reported on 27 April 2019, citing Mexico’s President Andrés Manuel López Obrador.

VENEZUELA PDVSA Says Morichal Electric Generation Plant Back In Service (Energy Analytics Institute, Piero Stewart, 24.Apr.2019) — PDVSA’s Carabobo Division of the Hugo Chávez Orinoco Oil Belt, or Faja, started up the TG200 turbogenerator at the Morichal Electric Generation Plant, the state oil company announced 24 April 2019 in an official statement.

The plant will incorporate 10 megawatts (MW) of energy into the system or grid and allow for activation of the Merey 16 crude production processes in the Morichal District and at the PetroIndependencia joint venture.

The turbogenerator TG200 has a generation capacity of 50 MW, PDVSA said in the statement.

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FUTPV Head Wills Rangel Says Petroleum Workers To March On May 1st (Energy Analytics Institute, Piero Stewart, 24.Apr.2019) — Venezuelan oil and gas sector workers plan to march on 1 May 2019 to show their commitment to the Venezuelan revolution, announced FUTPV General Secretary Wills Rangel.

“We’re aware of the efforts President Nicolás Maduro is making to confront the economic blockade against our country and this May 1st we’re going to hold a march to tell the world that the workers are still committed to the Revolution,” said Rangel, also President of the Bolivarian Socialist Workers Federation (CBST), in an official statement published 24 April 2019 by Venezuela’s state oil company PDVSA.

Maduro Denounces Citgo Appropriation, Blames Venezuelan Opposition

Venezuela’s Oil Industry Implosion Reaches Chevron (Oilprice.com, Tsvetana Paraskova, 25.Apr.2019) — Massive blackouts in Venezuela in March and April have drastically reduced oil production at Chevron’s biggest oil joint venture in the country, Bloomberg reported, citing data that it had compiled from company sources.

Venezuela Imports Crude For The First Time In Five Years (Bloomberg, Lucia Kassai, 24.Apr.2019) — Oil production in Venezuela has dipped so low that the owner of the world’s largest reserves is importing crude for the first time in five years.

The nation’s output fell below 1 million barrels a day to a 16-year low in March, amid rolling blackouts and U.S. sanctions. As the power disruption shut oil fields, pipelines and ports, bringing oil infrastructure to a halt, state-owned Petroleos de Venezuela SA bought a cargo of crude from fellow OPEC member Nigeria, marking the first oil import since 2014.

(Energy Analytics Institute, Piero Stewart, 23.Apr.2019) — Venezuela’s Nicolás Maduro denounced what he called the illegal appropriation of $1.3 billion belonging to Citgo Petroleum, and which he claims comes from an illegal debt to finance terrorist plans against the Venezuelan people.

“This robbery is being carried out before the complacent gaze of the US government, which took over, with the complicity of the leadership of the Venezuelan right, Citgo,” Maduro said in an official statement published 23 April 2019 by Venezuela’s state oil company PDVSA.

Finnish Refiner Neste Hit By Venezuela Oil Sanctions (Reuters, Tarmo Virki, 26.Apr.2019) — Finnish biofuel producer and oil refiner Neste reported a bigger than expected fall in quarterly profit, with U.S. sanctions against Venezuela having curbed crude oil supply to its Nynas joint venture.

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LATAMNRG WEEKLY ePROSPECTOR

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