Exclusive: PDVSA changes oil deals to include shipping as sanctions bite



© Reuters. The logo of the Venezuelan state oil company PDVSA is seen on one of their offices in Punto Fijo

By Marianna Parraga

(Reuters) – Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters.

The United States has blacklisted vessel owners, shipping operators and threatened to sanction any tanker facilitating the country’s oil exports as it tightens restrictions on trade with the South American country.

Washington has been trying to weaken socialist President Nicolas Maduro by choking the OPEC member’s oil exports, depriving the government of petrodollars — its main source of revenue.

Most shipping firms are avoiding Venezuela because of the sanctions, making it difficult and expensive to hire tankers to load crude there and helping drop the country’s oil exports to their lowest in nearly 80 years.

PDVSA has agreed since at least April with both long-term and new customers to oil deals that make the state firm responsible for transportation costs, and sometimes customs fees, according to internal documents from the state company seen by Reuters.

In previous deals, buyers sent ships to Venezuelan ports to load the crude.

“We are starting to use our own fleet and controlled fleet,” a PDVSA executive told Reuters.

Under the new deals, buyers designate the port for delivery and PDVSA is responsible for getting the oil there, according to the documents.

The strategy, also used by other countries under U.S. sanctions such as Iran, could be short-lived if PDVSA is unable to gather enough vessels.

Of the more than two dozen vessels PDVSA controls, only four have valid classification and insurance, according to company and shipping sources.

Aside from some short trips to Cuba, most of PDVSA’s tanker fleet has stayed in Venezuelan waters for the last year because sanctions have left them lacking the insurance or certification needed to navigate international waters, or because they are unseaworthy.

Some vessels no longer have operators because PDVSA failed to pay the firms that managed the vessels and crews.

Germany’s Bernhard Schulte Shipmanagement returned over a dozen vessels to PDVSA in 2019 after the Venezuelan firm failed to pay fees due for managing them.

Other ships need maintenance. PDVSA has struggled to get the work done because it cannot get needed parts or afford to pay for the work. The company has also faced lawsuits and seizure attempts by foreign shipyards that did repairs.

Since last year, PDVSA has kept vessels close to home to avoid the danger that they or their cargoes may be retained by foreign creditors.

PDVSA owns four China-built very large crude carriers (VLCCs) along with PetroChina that can transport up to 2 million barrels of oil each. That fleet, controlled by the joint entity CV Shipping, could be lost though, if Singapore’s high court rules the tankers can be seized or auctioned to pay creditors.

PDVSA also has started to use tankers for international voyages that were initially leased for shipping oil within its waters.

UNDERWAY

In July, PDVSA sent a letter to one of its long-term customers, Thailand’s Tipco Asphalt, proposing to use its vessels to export crude with freight costs included, according to the documents.

Tipco and PDVSA agreed to a preliminary schedule for a cargo to sail in August, according to the documents and sources.

PDVSA made the proposal to Tipco after the Thai firm, which needs Venezuelan oil for its refinery in Malaysia, struggled to find ships willing to load in Venezuela. Vessel owners canceled Tipco contracts for voyages from Venezuela in June and July.

Tipco has asked permission from the U.S. Treasury to continue receiving Venezuelan oil under a long-term supply contract signed before sanctions were imposed, according to the sources.

PDVSA, Tipco and the U.S. Treasury Department did not reply to requests for comment.

Even under the new arrangements, PDVSA is struggling to deliver its oil. The first cargo to sail under the new deals was on the Panama-flagged tanker MT Kelly, which left Venezuela for Turkey carrying 1.96-million barrels of heavy crude in April, according to the PDVSA documents.

The vessel u-turned near Turkey, sailed back out of the Strait of Gibraltar to skirt around Africa en route to the Middle East. Its satellite transponder has been off since June 22, Refinitiv Eikon vessel data showed, so it is unclear whether it has delivered the cargo.

Sanctions have left some 20 million barrels of Venezuelan crude stranded at sea, as PDVSA struggles to find buyers.

“This is a really toxic moment for doing business with Venezuela,” said a diplomatic official involved in sanction-related talks.



Exxon Baton Rouge refinery union to seek talks over 401K change: sources By Reuters



© Reuters. A sign is seen in front of the Exxonmobil Baton Rouge Refinery in Baton Rouge, Louisiana.

HOUSTON (Reuters) – The United Steelworkers union (USW) local representing workers at Exxon Mobil Corp’s (N:) Baton Rouge, Louisiana, refinery and chemical plant are seeking talks with the company over the upcoming suspension of the employer contribution to their 401K plan, said sources familiar with the matter.

Exxon told employees on Tuesday it would stop in October making the employer contribution to retirement savings plans.

The USW local at Baytown is also seeking talks with Exxon over the change.

In regard to the Baton Rouge union’s plans, Exxon spokeswoman Ashley Alemayehu said, “Exxon Mobil’s total remuneration remains competitive despite the suspension.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold Down 2% as Dollar Jumps on U.S. Jobs; Retreat Seen Temporary By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Gold posted its biggest daily decline in two months on Friday, falling 2%, as the dollar rebounded on a better-than-expected recovery in U.S. jobs in July. The shiny metal’s prices, however, stayed well above the $2,000 per ounce support, indicating that its setback might be temporary.

The 0.8% rise on the greenback, the most in a day since March and which elevated the back above the 93.5 level, was also unlikely to be sustained, said forex analysts.

“We think that USD shorts were covered ahead of this report,” TD Securities said in a forex market note for the day. “A better data print now leaves the USD bid as tenuous. We see attractive risk/reward to lean short” the dollar.

The Labor Department said the United States added 1.8 million jobs in July, slowing from June’s 4.8-million jobs gain, as a new wave of coronavirus infections hampered the labor market recovery from the pandemic. Nearly 4.9 million Americans have already been infected by Covid-19 so far, with a death toll reaching above 160,000, according to Johns Hopkins University.  A model by the University of Washington has predicted 200,000 coronavirus deaths in the United States by Oct. 1, casting doubts on economic recovery. 

“The economic recovery is likely to struggle from here on out and that should keep real yields near their record lows,” said Ed Moya, an analyst at OANDA  in New York. 

“The dollar rebound was needed and will likely be temporary. Treasuries were due for a pullback and this will likely be temporary, too.”  

The front-month contract on New York’s Comex settled down $40.40, or nearly 2%, at $2,018. On Thursday, October gold hit $2,070, record high for a benchmark gold futures contract on Comex.

In Friday’s trade, Comex’s December gold contract, which has attracted even more volume and open interest than October futures, settled down $41.40, or 2%, at $2,028. On Thursday, December gold surged to $2,089.20, an all-time high for any gold futures contract on Comex.

, which reflects metal available for immediate delivery, meanwhile, was down $28.36, or 1.4%, at $2,034.82 at 2:50 PM ET (18:50 GMT) on Friday, after hitting a record high of $2,075.14 in the previous session.

Notwithstanding Friday’s declines, gold prices were still up some 32% or more on the year. Silver showed a gain of more than 52%.



Oil Tumbles on Dollar Strength, More Lockdown Fears By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Oil prices settled almost 2% lower on Friday, falling for the second time in five days to a rebounding dollar and fears that global fuel demand will be crimped again by coronavirus-triggered lockdowns.

“In a normal world … I would think crude would be back in the 30s,” Scott Shelton, energy futures broker at ICAP (LON:) in Durham, North Carolina, said in his daily note, referring to the plethora of bearish factors against oil.

“But in the world we live in, with a tumbling USD, $2,000+ gold and GOBS of additional fiscal stimulus coming to keep the politicians in office, I think none of it matters to most people who trade oil,” he said, emphasizing the market’s disconnect from objective pricing.

U.S. crude’s benchmark futures settled down 73 cents, or 1.7%, at $41.27 per barrel.

London’s , the global barometer for crude, closed the New York session down 69 cents, or 1.5%, at $43.30.

“Keeping the price levels would be unrealistic,” Bjornar Tonhaugen of Rystad Energy said of this week’s rise. “Traders rushed to the task today to correct the gains, remembering the invisible enemy, COVID-19.”

Still, WTI rose 2.4% for the week and Brent showed a weekly gain of 2.5%, indicating that crude futures probably had more to lose.

The rise in Covid-19 infections remains the dominant issue for the fuel demand outlook. Cases in the United States are still rising in a number of states, while India recently reported a record daily jump in infections. More than 700,000 people have died in the worldwide pandemic.

Nearly 4.9 million Americans have been infected by Covid-19 so far, with a death toll reaching above 160,000, according to Johns Hopkins University.  A model by the University of Washington has predicted 200,000 coronavirus deaths in the United States by Oct. 1, casting doubts on economic recovery. 

Friday’s drop in oil prices came as the Labor Department said the United States added 1.8 million jobs in July, slowing from the 4.8-million jobs gain in June, as a new wave of coronavirus infections hampered labor market recovery.

The July jobs report, however, helped the dollar rebound from its free-fall mode and weigh on oil and other commodities. The , which pits the greenback against a basket of six currencies, was at 93.400 by 3:33 PM ET (20:33 GMT), up 0.7%, or its most in a day since March.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Crude Oil Prices Drop on Profit-Taking After Lackluster Jobs Report By Investing.com



© Reuters.

By Geoffrey Smith 

Investing.com — Crude oil prices fell on Friday, succumbing to a profit-taking but still on course for a gain of over 3% on the week.

Prices weakened after the U.S. labor market report showed a sharp slowdown in net job creation in July, even though the 1.76 million rise in nonfarm payrolls was extraordinary by historical standards and slightly above the consensus forecast.

The figures were nonetheless not strong enough to dispel worries about the strength of the U.S. economic rebound, and all that that means for the supply-demand balance in the global market.

By 10:50 AM ET (1450 GMT), futures were down 1.3% at $41.42 a barrel. The international benchmark was down 0.9% at $44.67 a barrel.

Chinese trade data released earlier had showed evidence of sustained record buying by Chinese importers in July, helped by the weakening of the U.S. dollar against the yuan in the last three weeks.

Paul Sankey of Sankey Research noted that dollar weakness, rather than Chinese demand, is likely to remain the more durable pillar of support for prices.

“The Chinese inventory build cannot drive prices for more than a couple of months,” Sankey argued. “However, a structural ongoing weakness in the US$ can.”

Prices were also still supported by confidence that the OPEC+ bloc of producers won’t return to competing for market share, after reports of talks between Saudi Arabia and Iraq on Thursday over how to compensate for the latter’s quota-busting under the current deal on output restraint.

Bjornar Tonhaugen, head of oil markets at Rystad Energy, said in e-mailed comments that involuntary output shortfalls could still have a meaningful impact on the supply-demand balance for the rest of the year. He noted that Libya is still producing 1.1 million barrels a day less than its capacity due to disruptions stemming from its civil war.

Tonhaugen now expects Libyan production to average no more than 800,000 barrels a day by the end of the year even in the most optimistic scenario.

“Our latest global liquids balances report still suggests there will be a shift towards a surplus from August and for the ensuing three months,” Tonhaugen said in emailed comments, “but it is less precarious than previously estimated and developments in Libya have a lot to do with this revision.“

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Cash-short U.S. biofuel industry cuts lobbying even as Iowa looms large in election By Reuters



© Reuters. FILE PHOTO: Corn loaded in trucks at Wessling Farms near Grand Junction Iowa

By Stephanie Kelly

NEW YORK (Reuters) – A top U.S. biofuel industry trade group said it has cut lobbying spending as the coronavirus pandemic has slammed members eager to press demands with President Donald Trump, who hopes to win the corn-producing state Iowa in November.

Reduced clout could complicate the industry’s efforts to secure changes to U.S. biofuel policy that producers say would shore up demand for corn-based ethanol, but which face strong opposition from oil refiners.

“This is a critical time,” said one biofuels source, who wished to remain anonymous to speak candidly. “The list of things before us is long and people are hemorrhaging money, so you’ve got to do a lot more with less.”

A Des Moines Register/Mediacom Iowa Poll this summer showed Iowa, the top ethanol-producing state, appears to be a toss-up between Trump and the presumptive Democratic nominee Joe Biden.

The Renewable Fuels Association spent $339,676 toward lobbying efforts during the second quarter, according to a U.S. Senate database that tracks lobbying disclosures. That was down 12% from the same time last year and 4% from the prior quarter. The group told Reuters it has cut outside consultants while also reducing advertising spending.

“Our resources are more limited today because of COVID-19 and the impact on the industry,” RFA President Geoff Cooper told Reuters. Around 150 biofuel plants of the nation’s approximately 200 facilities either idled or reduced production after the health crisis struck and drastically reduced global demand for fuel.

Biofuels producers and farmers that supply them with raw materials are a major constituency that Trump needs in his reelection bid. Some were hoping to leverage political support in an election year to get demands met.

The industry wants the administration to grant fewer waivers exempting small oil refineries from requirements that they blend biofuels into their gasoline under the U.S. Renewable Fuel Standard (RFS).

The Trump administration has sharply increased the number of such waivers granted to refiners, upsetting biofuel producers. The refining industry says small refiners need the waivers to stay in business.

Oil refiners also took major revenue hits during the pandemic and have also cut their lobbying budget. The American Fuel and Petrochemical Manufacturers trade association reported spending $567,144 on lobbying for the second quarter, down more than 30% from a year ago, the Senate’s database showed.

An AFPM spokeswoman said the drop had nothing to do with coronavirus or refining industry economics. Instead, she said last year’s expenditures were high because of work the group did around a policy for cleaner marine fuel.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold Hits Record Above $2,080; Pauses for July U.S. Jobs  By Investing.com




By Barani Krishnan

Investing.com – Gold hit all-time highs above $2,080 an ounce in its most-active futures contract in New York before the longs who had relentlessly pushed the shiny metal’s prices up 35% this year paused to await U.S. jobs numbers due Friday for further direction.

Forecasters on Wall Street believe the from the Labor Department will show a gain of 1.6 million jobs for July, adding to the combined 7.3 million jobs created in May and June. The U.S. economy lost more than 21 million jobs prior to that, between March and April, from business lockdowns forced by the coronavirus pandemic.

A bigger-than-expected growth in jobs and wages for July could bump up the battered U.S. , forcing gold into a correction after its massive move higher since March, when it hit four-month lows of $1,451.00. The index, which pits the dollar against six competing currencies, has fallen from 103.960 in March to a bottom below 92.50 now.

But some research outfits think July’s nonfarm-payrolls report might disappoint those expecting a deep correction in gold.

Separately, the Labor Department reported on Thursday that some 1.2 million Americans filed first-time unemployment claims last week, adding to benefits continuously sought by around 16 million people since the height of disruptions to the U.S. economy caused by Covid-19. 

“The question for the day is whether NFP or trade wars will win,” TD Securities said in a note. “We wouldn’t read too much into one report. TD looks for a miss on both NFP and wages.”

The front-month contract on New York’s Comex settled up $21.30, or 1%, at $2,058.40. Its session peak of $2,070 set an all-new high for a benchmark gold futures contract on Comex.

Comex’s December gold contract, which has attracted even more volume and open interest than October futures, surged to a record high of $2,081.80, before settling at $2,069.49, up $20.10, or 1.4% on the day.

, which reflects metal available for immediate delivery, meanwhile, hit a record high of $2,069.68.

If gold moves further up, there are no clear ranges on how high it could go, though some are betting on a $2,150-$2,200 as a near-term target.

“A continued breakdown below 92 on the Dollar Index could trigger a waterfall decline,” AG Thorson, an expert in the study of gold’s technicals, said this week. “In this scenario, gold would likely extend above $2,100 and enter a parabolic rise.”

Market bears, meanwhile, are pointing to a top-heavy bubble-like trade that they say could pop soon despite the dollar cratering on the weight of plunging U.S. 10-year yields and real rates, as well as the issuance of more than $3 trillion in U.S. coronavirus relief funds since March. 

In silver, the front-month contract on Comex settled at $28.400, up $1.51, or 5.6%, on the day after scaling $28.87 earlier, its highest since March 2013. Bulls expect silver to hit $30 by the year-end.

Silver has outperformed gold thus far for 2020, gaining as much as 60% on the year.



Crude Oil Rises on Signs of Labor Market Strength, Stimulus Hope By Investing.com



© Reuters.

By Geoffrey Smith 

Investing.com — Crude oil prices reversed overnight losses to be trade higher by mid-morning in New York on Thursday, after a stronger-than-expected release of jobless claims data reassured the market that the U.S. economic recovery is still on track – even though the headline numbers flattered the underlying trend.

By 10:20 AM ET (1320 GMT) futures were up 0.2% at $42.30 a barrel, while the international benchmark was up 0.6% at $45.45 a barrel.

 were up 1.3% at $1.2385 a gallon.

U.S. crude had hit a five-month high on Wednesday after government data showed a drop of more than 7 million barrels in U.S. inventories. However, they had slipped in Asian and European trading on the back of some poor reported earnings and amid lingering concerns about the fate of the next package of economic relief measures currently being thrashed out in Washington DC. Enthusiasm was also tempered by a filing from Exxon Mobil (NYSE:) warning that up to one-fifth of its reserves may not be economically viable if prices stay at depressed levels.

The market regained its upward momentum on Thursday after the weekly report on jobless claims appeared to corroborate the picture created by the inventories numbers: initial claims for unemployment benefits fell to 1.18 million, their lowest since the first lockdown-driven surge in claims at the end of March. Continuing claims also fell to their lowest since April.

However, the number of people claiming under all government programs – including the Pandemic Unemployment Assistance scheme – actually rose slightly by some half a million to 31.31 million. That makes the numbers less easy to interpret than the headlines.

The upbeat U.S. news – coupled with earlier strong economic data out of Europe, where industrial orders leaped in Germany and production rebounded in Italy – overshadowed signs of weakening discipline among the so-called OPEC+ group of producers in July.

Energy Intelligence estimated that the group missed its targets for output restraint in July, a month after dramatically exceeding its targets in June thanks to voluntary additional output cuts from Saudi Arabia. The biggest overproducer, according to EI, was still Iraq.

According to S&P Global Platts, Iraq has promised to cut output further in August to compensate for past overproduction. Whatever discount OPEC attaches to Iraq’s promises, the gesture is likely to reduce the risk of a more damaging unraveling of the agreement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



U.S. glass maker seeks to seize Venezuela-owned oil tanker to collect award, court papers show By Reuters



© Reuters. A state oil company PDVSA’s logo is seen at a gas station in Caracas

By Luc Cohen and Marianna Parraga

NEW YORK/MEXICO CITY (Reuters) – U.S. glass manufacturer O-I Glass Inc (N:) is seeking to seize an oil tanker owned by Venezuela to collect part of a $500 million arbitration award it won after the 2010 expropriation of two manufacturing plants, according to a summons filed with a Singapore court seen by Reuters.

The attempt is a new threat against Venezuelan state oil company Petroleos de Venezuela’s [PDVSA.UL] fleet of tankers at a time when U.S. sanctions on the firm are making it difficult for the company known as PDVSA to book ships to transport its crude.

The lack of available tankers has contributed to a collapse in Venezuela’s oil exports to below 400,000 barrels per day (bpd), down from around 1.5 million bpd before Washington imposed the sanctions in an effort to oust socialist President Nicolas Maduro. Exports are at the lowest level in over seven decades for the crisis-stricken OPEC nation.

With Washington ramping up pressure, the use of its own in-house fleet of tankers is one of the few options left to PDVSA for exporting its crude, and a loss of any of those vessels would make that more difficult.

The Singapore suit brought by O-I Glass, formerly known as Owens-Illinois Inc , also highlights the risks to PDVSA’s assets around the world from creditors seeking to collect on unpaid debt or arbitral awards, which have mounted as Venezuela’s economy has collapsed under Maduro.

In the summons to the Singapore court, dated June 4, O-I Glass asserted it was entitled to shares in Ayacucho Shipping Pte Ltd, a Singapore-based company that was the vehicle through which PDVSA’s maritime subsidiary, PDV Marina, and China’s PetroChina (SS:) co-owned the vessel named Ayacucho.

The vessel was one of four that the two companies jointly owned through their Singapore joint venture CV Shipping. CV Shipping began a court-administered liquidation process in February, according to an entry in Singapore’s government gazette.

Venezuela’s state-run maritime authority INEA became the owner of Ayacucho in May and changed the vessel’s name to Maximo Gorki, according to shipping database Equasis and Refinitiv Eikon.

It was unclear if the transfer of the tanker’s ownership to INEA would affect O-I Glass’s attempts to take control of the vessel.

A hearing in the case is scheduled for Aug. 7, according to the Singapore Supreme Court’s website.

Neither O-I nor PDVSA responded to requests for comment. PetroChina did not immediately respond to a request for comment.

DIMINISHED FLEET

Except for short trips to Cuba, most of PDVSA’s tanker fleet has stayed in Venezuelan waters in recent years as piling debts and U.S. sanctions have left many vessels without operators, insurance or the classification needed to navigate international waters.

The Maximo Gorki has been in Venezuelan waters since 2018, and PDVSA has this year used it as floating storage, according to Refinitiv Eikon shipping data.

In July, the vessel topped up with Venezuelan crude to reach full capacity, according to PDVSA’s loading schedules, seen by Reuters.

The company now plans to send it to a Chinese shipyard for maintenance and to discharge the 2 million barrels of heavy crude it has, though it is yet to line a customer up, according to two people familiar with the matter.

The ship is worth around $24 million, according to market valuations of similar vessels built the same year, one of the sources said. Reuters was unable to confirm the valuation.

O-I Glass won the award in 2015 from the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in relation to the 2010 seizure and nationalization of two of its plants in Venezuela under late former President Hugo Chavez, Maduro’s predecessor and mentor.

The award includes $372.5 million of principal, plus interest. Both the ICSID case and the lawsuit in Singapore were introduced by O-I Glass subsidiary OI European Group BV.



Pompeo says U.S. to present U.N. resolution next week to extend Iran arms embargo By Reuters



© Reuters. U.S. Secretary of State Pompeo attends a news conference in Washington

WASHINGTON (Reuters) – Secretary of State Mike Pompeo said on Wednesday the United States would put forth a United Nations Security Council resolution next week calling for an extension of the arms embargo on Iran.

Speaking to reporters, Pompeo said that one way or another the Trump administration would make sure the U.N. embargo is extended and said he was confident the effort would succeed. But he offered no specifics on how he expects this to be achieved.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.