Home' Trinidad and Tobago Guardian : August 24th 2014 Contents HOUSTON/CARACAS---Venezuela s shipments of
crude oil and fuel to its allies have fallen to a five-
year low as a weak economy hits its ability to
uphold accords that former President Hugo Chavez
struck to lower energy costs for friends and expand
his diplomatic clout.
Total shipments under cooperation deals with
Latin American and Caribbean countries dropped
11 per cent in 2013 to 243,000 barrels per day (bpd),
the lowest level since 2007, according to recent
data from Venezuela s state-owned oil company
Several factors are behind the decline: lower oil
output and weak economic growth at home, a
domestic refinery network that has not fully recov-
ered from a severe accident in 2012, and financing
agreements with China that divert much of the
OPEC nation s oil production to Asia.
Some of the beneficiaries of the cheap oil are
now being forced to turn to other sources.
Buying crude on open market
In the eights months through August, countries
from Jamaica to Argentina that have supply pacts
with Venezuela have bought 140 cargoes of crude,
components and fuel for transport and power gen-
eration on the open market, according to tender
information compiled by Reuters.
More than two thirds of those were for Ecuador,
one of Venezuela s closest allies.
The purchases, which have left tankers in short
supply, are far costlier
than oil obtained
Chavez, who was
Venezuela s socialist
president for 14 years
before his death from
cancer in March 2013,
used the country s oil
wealth to help allies
and extend his political
influence across Latin
America and the
His 2005 Petrocaribe
accord required mem-
bers to pay cash for
just 40 per cent of
every shipment, and let
them finance the rest
for 25 years at low interest rates, or make in-kind
payments with products ranging from rice to blue
Twenty-one countries are party to oil pacts man-
aged by Venezuela, including Petrocaribe, the Cara-
cas Energy Agreement and other bilateral deals.
But mounting economic problems in the South
American country have strained the programmes.
As far back as 2010, Venezuela had started buying
fuels from third parties to meet quotas for the
Since then, fuel exports has slipped further and
PDVSA s financial position has weakened, limiting
its ability to assist allies even though Chavez s
hand-picked successor, President Nicolas Maduro,
backs the deals.
"It is importing a lot to cover its own domestic
demand, so buying extra volumes to assist those
countries is unsustainable," said an official from a
top global commodities trader involved in supplying
fuel to Venezuela.
Barrels to China
Venezuela now sends 485,000 barrels per day
(bpd) of crude and fuels to China to service oil-
Sunday Guardian www.guardian.co.tt August 24, 2014
SERVICE COMMISSIONS DEPARTMENT
Cipriani Plaza, 52-58 Woodford Street, Port of Spain
Telephone: (868) 623-2991-6/ Fax: 623-5972 Website: www.scd.org.tt
The undermentioned vacant offices in Government and Government
Assisted Primary Schools and Special Schools have been advertised by the
Ministry of Education:-
o Principal (Primary) (Grade 7)
o Vice Principal (Primary) (Grade 5)
o Senior Special Education Teacher (Primary) (Grade 5)
o Head of Department (Primary) (Grade 4)
o Senior Teacher (Primary) ( Grade 4)
Detailed information regarding the advertisement is available at the
Education District Offices, the Head Office of the Ministry of Education and
the Ministry's website. Information is also available at the website of the
Service Commissions Department (http://www.scd.org.tt). The closing date
for receipt of applications is 12th September, 2014.
for-loan deals, up 98 per cent from 2010,
as President Nicolas Maduro s government
has become increasingly reliant on Chinese
That has left fewer barrels available for
The current quota or maximum volume
that Petrocaribe members could receive is
377,000 bpd, according to PDVSA, though
in 2013 it sent 134,000 bpd less than that.
Dominica, Honduras, Paraguay and
Bolivia did not receive a single barrel from
Venezuela last year, PDVSA data released
in late June showed.
Argentina saw shipments from Venezuela
cut in half last year.
Oil Minister Rafael Ramirez has denied
Venezuela is offering less to Petrocaribe
partners, insisting that shipments fluctuate
based on the needs of each country.
"These are monthly requests and the
countries have quotas. Sometimes they
ask for all of it, sometimes they don t need
to," he told reporters in June. "It changes,
and the countries know this."
Allies tap traders for pricey fuel
As Venezuelan oil deliveries wane...
Continues on Page A43
Several factors are
behind the decline:
lower oil output
and weak economic
growth at home, a
network that has
not fully recovered
from a severe
accident in 2012,
China that divert
much of the OPEC
production to Asia.
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