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CRYSTALLEX INTL CP Message Board

port_x10 8 posts  |  Last Activity: Mar 10, 2014 12:00 PM Member since: Aug 6, 2010
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  • Colombia plans pipeline to the Pacific without Pdvsa's help
    The laying of the oil pipeline was outlined eight years ago
    Ecopetrol has contacted Enbridge to lay the pipeline (File photo)

    ERNESTO J. TOVAR | EL UNIVERSAL
    Monday March 10, 2014 10:15 AM
    Venezuela and Colombia dusted off a project to build an oil pipeline from Venezuela through Colombia to the coast of the Pacific Ocean. From there the hydrocarbons produced in the two countries would be bound for Asia, mainly to China, from 2016.

    However, it seems that the pipeline estimated by state-run oil holding Petróleos de Venezuela (Pdvsa) at USD 6.7 billion a couple of years ago will be built by Colombian state-run oil company Ecopetrol, not with Pdvsa, but with Canadian Enbridge in Colombian territory only, in light of Pdvsa's delay.

    Colombian Vice-Minister of Energy Orlando Cabrales told Reuters that Ecopetrol would discuss again with Pdvsa the eight-year-old project. In the meantime, Ecopetrol has contacted Enbridge to lay an 800-km pipeline from Colombian central plains to the Pacific coast.

    The infrastructure would be run by Ecopetrol. However some other firms, such as Canadian Pacific Rubiales and Vitol trading company are interested in having a stake, Capriles said.

    In November 2011, Presidents Juan Manuel Santos and Hugo Chávez entered into a letter of intent to develop the "Binational project for the oil pipeline of Venezuela and Colombia." It referred to a pipeline of 3,000 kilometers in length from Orinoco Oil Belt to Tumaco bridge, on the Colombian coast of the Pacific Ocean.

    The layout relied on another bilateral project for a pipeline for multiple purposes, already discussed in 2006.

    Both Venezuelan and Colombian oil authorities, reposing hope in the plan, estimated that the pipeline would carry 600,000-880,000 barrels per day of oil from 2016, taping on the flourishing production of operatorships at the Orinoco Oil Belt, on the Venezuelan side.

  • Reply to

    Maduro just UNITED Dem and Rep in USA

    by port_x10 Mar 5, 2014 11:30 PM
    port_x10 port_x10 Mar 5, 2014 11:32 PM Flag

    Royce described Maduro as the handpicked successor of Hugo Chávez, the former strongman of Venezuela and outspoken antagonist of Washington whose death anniversary is marked on Wednesday.

    The House voted 393-1 in favor of the legislation, with Republican Thomas Massie casting the only dissenting vote.

    A similar resolution is being pondered in the Senate.

    Lawmakers also demanded President Barack Obama to impose sanctions against those responsible for the crackdown.

  • House passes resolution condemning repression in Venezuela
    The chairman of the Foreign Relations Committee of the House, Ed Royce, praised the representatives for endorsing a motion that "supports Venezuelans who long for a return to the rule of law." The House voted 393-1 in favor of the legislation, with Republican Thomas Massie casting the only dissenting vote
    They believe that people's claims should not be attacked by the government (Edsaú Olivares)

    EL UNIVERSAL
    Wednesday March 05, 2014 07:11 AM
    The House of Representatives of the United States on Tuesday expressed its condemnation of the government of Venezuela and its "inexcusable" crackdown on protesters and opposition leaders. The House approved a resolution lambasting President Nicolás Maduro's forces for "their repressive tactics during the demonstrations affecting the country, which faces one of its worst crises in recent years."

    The US Congress "deplores the acts that constitute an affront to the rule of law, the inexcusable violence perpetrated against opposition leaders and protesters in Venezuela, and increasing efforts to politically use criminal charges to intimidate the political opposition in the country," AFP reported.

    The House also urged other governments and organizations in the region to express solidarity with the protesters and help open a dialogue to end the crisis in Venezuela.

    The chairman of the Foreign Relations Committee of the House, Ed Royce, praised the representatives for endorsing a motion that "supports Venezuelans who long for a return to the rule of law, democratic rules and respect for basic human rights."

  • port_x10 by port_x10 Mar 2, 2014 2:01 PM Flag

    China, Venezuela pledge to cement partnership

    February 28, 2014

    Chinese Vice President Li Yuanchao met with Rafael Ramirez, Venezuela's vice president for economic affairs on Friday and they pledged to cement the strategic partnership between the two countries.

    Hailing the development of the bilateral relationship in recent years, Li said he hopes the two sides will consolidate political trust in each other, and boost practical cooperation in energy, mining and finance.

    Ramirez, also minister of petroleum and mining, said Venezuela attaches great importance to its strategic partnership with China and is ready to advance reciprocal and friendly cooperation in a sustained way to benefit the people of the two countries.

  • port_x10 by port_x10 Feb 24, 2014 11:31 AM Flag

    February 16, 2014 - February 19, 2014

    The Tribunal holds the continuation of a hearing on jurisdiction and merits in Washington, D.C.

  • snip ...According to the nation's top officer, this new approach will cover more ground and focus on oil, petrochemicals, construction, industry, farming, agricultural industry, tourism, textiles, mining, communications and high technology. In so doing, claimed the president in his address before the National Assembly, a proprietary production model will develop.

    "With those 11 driving forces we will launch an offensive comprising investment, employment, associations and mixed-investment enterprises," stressed Maduro on that same day.

  • MAYELA ARMAS H. | EL UNIVERSAL
    Friday January 24, 2014 09:16 AM
    The debt of state-run oil holding Petróleos de Venezuela (Pdvsa) grows at fast pace. Financial needs to cope with core activities, accounts payables to providers, social programs (missions) and projects in productive areas have led Pdvsa to accrue debts up to 171% in six years.

    Pdvsa's financial debt shows a surge in liabilities: from USD 16 billion in 2006 to USD 43.3 billion in 2013.

    This week, Venezuelan Vice-President for Economic Affairs, Minister of Petroleum and Mining, and Pdvsa President, Rafael Ramírez, argued that Pdvsa's debt "has some leeway or a drilling plan in its production targeted at six million barrels per day (bpd)." Truly, the official information reveals that Pdvsa usually seeks loans and issues bonds and notes to keep its commitments and to address the welfare programs entrusted by the Executive Office.

    Last year only, Pdvsa issued bonds for USD 4.5 billion. A portion of the notes went to repay the debt owed to providers (USD 800 million); vendors of CASA, the state-owned Corporation of Agricultural Supply and Services (USD 16 million), and the Central Bank of Venezuela (BCV) (USD 900 million). Additionally, Pdvsa sough loans from public banks in order to sustain agribusiness plans.

    Add to the debt, notified in the financial statement, BCV's funding, mushrooming to 60% in one year. Because of the pressing need for funds, Pdvsa has given the BCV instruments instead.

    "At the end of our fiscal year, we must present our financial statements in March. That issue will be no more present there," Ramírez promised. Further, the senior officer dismissed any additional request of funding from the BCV. He even reported that a schedule to repay the debt had been agreed through a joint venture for gold exploitation in partnership with the BCV.

    Nonetheless, because of the financial aid given to Pdvsa, the BCV has had to print more bolivars, making an impact on liquidity and rising pri

  • Guess that will help with the TP shortage! LMAO!!!!

CRYFQ
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