In desperate attempt to avoid oil seizures, PdVSA now wants buyers to pay cash up front
... but at least they are being offered a cash discount!
http://www.argusmedia.com/pages/NewsBody.aspx?id=1679182&menu=yes?utm_source=rss%20Free&utm_medium=sendible&utm_campaign=RSS
PdV switches exports to fob to avoid seizures
11 May 2018 19:53 (+01:00 GMT)
Caracas, 11 May (Argus) — PdV has notified its clients that effective immediately it is designating all its oil exports as FOB (Free On Board) cargoes as a legal safeguard against potential seizure by US independent ConocoPhillips and other companies filing debt-related actions against the Venezuelan state-owned oil company.
PdV is revising its current supply contracts to ensure all export cargoes will be loaded at PdV's main terminals in Venezuela including Jose and Guaraguao in Anzoategui, and the Cardon and Amuay terminals at its 940,000 b/d CRP refining complex on the Paraguana peninsula, a PdV marketing and supply executive in Caracas said.
PdV also will handle ship-to-ship transfers of crude and products in Venezuelan territorial waters, the executive added.
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