ConocoPhillips may finish what US sanctions started. The Houston-based company on Friday assumed control of Venezuela’s oil assets in the Caribbean island of Bonaire and filed court orders to do the same in Curacao and Aruba. The takeover is effectively stifling Petroleos de Venezuela SA’s ability to export oil, the commodity that bankrolls the regime of President Nicolas Maduro.
The Caribbean terminals are logistically key to Venezuela’s ability to export oil. About 16 percent of its crude exports are stored in those terminals before sailing to their final destination in the US, China and India.
The move by ConocoPhillips is part of an effort to fulfil a $2.04 billion arbitration ruling against PDVSA. The state-run oil company, for its part, is planning to pay the award but hasn’t reached out to Conoco to discuss the details yet, according to a person with knowledge of the situation. PDVSA didn’t immediately return email seeking comment.
“This is a total disaster” for Venezuela, says Francisco Monaldi, a fellow at Rice University’s Baker Institute. “The Conoco situation, as it is, with PDVSA unable to use storage tanks in the Caribbean, is worse than the existing U.S. sanctions,” he said in a phone interview from Houston.
Unable to use its network of tank farms, PDVSA is rerouting cargoes back to its ill-equipped ports in Venezuela, causing a logjam of tankers around the main sea terminals.
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The company now has limited ability to load supertankers, the transportation mode of choice for buyers in China and India, which may force PDVSA to push more oil to US refiners at deeper discounts, Monaldi said.
Venezuela, owner of the world's largest oil reserves, was once Latin America's largest oil exporter by a large margin, but now loses the lead at times to Mexico and Brazil. The country shipped 1.26 million barrels of crude daily in April, a 20 per cent decline from the previous year, according to data compiled by Bloomberg.
The country’s production has been dropping even as oil prices have reached the highest level in more than three years. Daily output fell to 1.509 million barrels in March, from a peak of 3.708 million in 1970, according to data compiled by Bloomberg.
PDVSA denounced the actions taken by ConocoPhillips to take assets in the Caribbean, according to a tweet by the Oil Ministry which was later deleted. The takeover comes after the International Chamber of Commerce found that the late President Hugo Chavez had illegally seized the ConocoPhillips' assets in Venezuela in 2007.
This is not the first time that the company has locked horns with PDVSA in court. In 2015, a US court confirmed that ConocoPhillips was the sole owner of a coker at the Sweeny refinery in Texas. The coker, then co-owned by both companies, became sole property of Conoco after PDVSA failed to meet a supply agreement.
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
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3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
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Spain drain
CONVICTED
Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.
Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.
Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.
SUSPECTED
Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.
Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.
Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.
Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.
Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.
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Oman beat UAE by five wickets
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Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions