The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Thursday (12 March) applied sanctions against Geneva-based TNK Trading International S.A. (TTI), a subsidiary of Russian state-controlled Rosneft Oil Company for operating in the oil sector of the Venezuelan economy.
This follows the previously reported sanctions on Rosneft Trading S.A. as cargoes of Venezuelan oil allocated to RTSA were changed to TTI in order to evade U.S. sanctions.
“TNK Trading International S.A. is another Rosneft subsidiary brokering the sale and transport of Venezuelan crude oil, which is subject to sanctions,” said U.S. Secretary of the Treasury Steven T. Mnuchin.
“The Trump Administration remains committed to targeting those who support the corrupt regime’s exploitation of Venezuela’s oil assets.”
OFAC reports that TTI and RTSA handled a large percentage of Venezuela’s oil exports in 2019. In January 2020, TTI purchased nearly 14 million barrels of crude oil from Petroleos de Venezuela (PDVSA).
As a result of today’s action, all property and interests in property of TTI that are in the United States or in the possession or control of U.S. persons, and of any entities that are owned, directly or indirectly, 50% or more by the designated individuals and entity, are blocked and must be reported to OFAC.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.