With U.S. sanctions blocking Venezuela from selling oil to the United States, st...
MEXICO CITY/CARACAS - With U.S. sanctions blocking Venezuela from selling oil to the United States, state-owned energy firm PDVSA has turned to several little-known buyers that include a tiny Turkish company with no refineries but ties to President Nicolas Maduro’s government, according to internal documents and a PDVSA source.
Three sources with knowledge of the matter told Reuters that directors at a March 14 meeting of PDVSA’s board temporarily waived some requirements for new customers or suppliers, including that of having at least two years’ experience in the oil industry.
Reuters was unable to determine the terms under which Iveex Insaat is receiving Venezuelan oil and was unable to confirm who would ultimately buy and refine the crude, as the company has no refineries.The PDVSA source, a shipping broker and a maritime inspector - all of whom declined to be named - told Reuters that Iveex had agreed to deliver refined products to Venezuela in exchange for receiving crude.
Turkey is one of the main buyers of the South American country’s gold, which has become an important source of cash as oil output falls. Venezuela’s information ministry - which responds to media requests on the government’s behalf - did not respond to an email seeking comment.
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