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
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