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Response to oneshooter (Reply #62)

Sun Feb 4, 2018, 11:08 PM

63. 60% of the oil they lift goes to Russia and China for debt payments to those countries for services

 

previously rendered. Venezuela gets no cash for these transfers.

The remainder previously was used to pay off the $60 billion in debt owed to its creditors. They made their interest payments up until last October on time, but recently have not been paying. Standard and Poors, and Fitch have put Venezuela into default, and its only a matter of time before creditors start seizing ships and facilities.

Yes, Citgo was put up as collateral. Soon, they will have no place to refine their heavy sour oil. Not many places can do it, and Amuay is in shambles right now. They have explosions there once a month due to no maintenance and crumbling infrastructure. They haven't paid their workers (PdVSA) in months. Most ships are barred from international ports, as their hulls are so contaminated with oil that they are not allowed to dock. Several ships with Venezuelan crude were recently seized by creditors.


What Venezuela has... only thicker and with more impurities. Hard to pump.

There is no need for a coup initiated by the United States. Chavismo is doing it all on their own.

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LineLineReply 60% of the oil they lift goes to Russia and China for debt payments to those countries for services
GatoGordo Feb 2018 #63
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