PDVSA to discharge crude cargo after swap agreement with BP

June 13, 2016 10:07 PM
Venezuelan state-run PDVSA has discharged another cargo of U.S. crude sold by BP after waiting times of more than a month related to payment problems that were solved this month under a swap agreement, according to sources close to the deal.
 
British BP (BP.L) and China Oil were awarded a tender launched by PDVSA in March to import some 8 million barrels of U.S. light sweet crude for delivery in the second quarter at its terminal in the Caribbean island of Curacao.
 
The first three cargoes were unloaded during the first half of April almost without delay, but others started gathering around Curacao since then waiting for payments.
 
The Aframax tanker Paramount Hatteras was authorized to discharge in early June after BP and PDVSA agreed on an oil swap, two sources said. Tankers NS Century and Drepanos were also received in recent days after delays of around 40 days, according to Thomson Reuters vessel tracking data.
 
PDVSA did not immediately answer a request for information, and BP said it would not comment on specific sales. It was not possible to know the types of Venezuelan products BP plans to receive in exchange.
 
There are four more tankers chartered by BP carrying some 2.15 million barrels of U.S. crude waiting to discharge around Curacao, the data showed.
 
After Nigeria declared force majeure over several crude shipments last month, BP decided to use only U.S. light crude to fill the whole volume compromised under the tender.
 
Source: Reuters

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