I read PDVSA press releases so you don’t have to

Items from Rafael Ramirez’s press conference today:

  • Of the $3.78 billion in promised financing for Junin and Carabobo blocks, at least a few hundred million are going to be in “vouchers” that were given to Chevron, Eni and other companies as compensation for the nationalization of oilfields in 2006. I have never noticed these vouchers being recorded as debt on PDVSA’s books, so they probably shouldn’t be counted as income now.
  • Plans are now for two joint-venture refineries in China, down from three.
  • Oil shipment breakdown now 1 million bbl/day to USA, 100,000 to Cuba, 460,000 to China, 40,000 to Uruguay, 50,000 to Petrocaribe countries, 25,000 to Nicaragua, 12,000 to Bolivia, 80,000 to Belarus. Am I the only one who sees a fair potential for double-counting here? We know that China mainland doesn’t get 460,000 barrels. Does CNPC trading take barrels from Venezuela and sell them to the USA? Probably. And isn’t Nicaragua a Petrocaribe signatory? And really? Belarus? Over what time period are they getting 80,000 barrels a day?
  • The new $20 billion China credit is for non-oil projects, half in yuan.
  • Information exchange with the U.S. is going to restart. I wonder if that means that we can benefit from the U.S.’s extensive research into energy efficiency and refinery safety, for example.