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“We are in active dialogue with the U.S. Department of State on our dealings on Venezuelan oil to remain compliant with U.S. sanctions,” he said ferragamo cufflinks uk. A Reliance spokesman said the payments to Russian and Chinese companies were then deducted from the money owed to those countries by Venezuela. While most Western countries have joined Washington in recognizing opposition leader Juan Guaido as Venezuela’s legitimate president, Russia – together with China and Cuba – has stood by Maduro, defending him at the United Nations and providing military assistance, angering Washington..
Even before January’s sanctions, Venezuela’s oil exports had halved from 2.8 million bpd when the late President Hugo Chavez, Maduro’s predecessor, launched his Socialist revolution two decades ago. Rosneft, run by close Putin ally Igor Sechin, has capitalized on the crisis to take an ever-bigger share of the oil industry in Venezuela, which sits on the world’s largest crude reserves. In February, Rosneft estimated the book value of stakes in Venezuelan projects at $2.11 billion ferragamo cufflinks uk.
Now Rosneft is providing the cash to help keep PDVSA operational, using its large trading division to give it flexibility to collect payment for Venezuelan oil from clients. In one transaction, an executive from Rosneft’s Geneva unit offered to take a PDVSA invoice owed by trading firm BB Energy for the purchase of 525,000-barrels of fuel oil in January, according to an offer letter reviewed by Reuters. Rosneft paid a portion of the $26-million bill directly to PDVSA and started talks with BB Energy to collect payment in cash or by receiving an oil cargo, according to the letter and a PDVSA source ferragamo cufflinks uk.
A spokesman for BB Energy said that under guidance from legal counsel the company had not yet made any payment for the cargo. He declined to provide further details. Some within PDVSA are concerned Rosneft’s trading arm now has been given too significant a role in decisions over cargo destinations in order to facilitate payment to the Russian company, according to one source. They are also frustrated that Venezuela is paying a heavy premium to Rosneft for imported fuel – needed because of the poor condition of domestic refineries – because only a handful of sellers were willing to skirt U.S ferragamo cufflinks uk. sanctions..
NEW YORK (Reuters) – Next week will go a long way in determining whether investors should be concerned about the dawning of an earnings recession or whether back-to-back quarters of negative growth can be avoided in what is the heaviest week for profit reporting by U.S. companies ferragamo cufflinks uk. A wide swath of S&P 500 sectors are scheduled to report next week, with 155 companies representing over $9 trillion in market capitalization in the queue, more than 35 percent of the total for the index. Heavy hitters Facebook and Amazon are due to report as well as a dozen Dow components such as United Technologies, Coca-Cola, Microsoft and Exxon Mobil..