Venezuela’s oil ministry on Thursday (2 January) announced a change in formulas for calculating royalties that energy companies pay the government by removing references to fuel oil and some crude grades, according to Reuters.
The development was due to the International Maritime Organization (IMO)’s stricter rules on global sulphur limit.
It affects Petroleos de Venezuela [PDVSA.UL], or PDVSA, and its joint ventures with private companies; payment to the state will be depending on the destination market.
“These requirements represent a structural change that will affect the international trade of liquid hydrocarbons,” said Venezuela’s oil ministry.
Exporting formulas for the country’s five most popular crude grades: Merey, Santa Barbara, Mesa 30, Boscan and extra heavy will need to be recalculated, said the ministry’s pricing office.
Published: 3 January, 2020
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
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.
15 Jan 2021