Sunday, January 29, 2023
spot_img
HomeHeadlinesIranian Supertanker Expected to Discharge in Venezuela - Document

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Iranian Supertanker Expected to Discharge in Venezuela – Document

An Iranian supertanker carrying about 2 million barrels of condensate this week began discharging at Venezuelan state-run oil company PDVSA’s main oil port, according to a company document and tanker tracking services.

PDVSA and state-run National Iranian Oil Company (NIOC) in the second half of last year started a swap deal to exchange Iranian condensate for PDVSA’s heavy crude. The pact has proven to be key for sustaining Venezuela’s oil output, which needs diluents including condensate for transportation and exports.

Last year, the two state companies that are under U.S. sanctions exchanged some 4.82 million barrels of condensate for 5.55 million barrels of heavy crude, mostly transported in Iran-flagged vessels. Condensate is an extremely light oil.

The allies also have exchanged Iranian gasoline for Venezuelan jet fuel through an agreement that began in 2020 and has helped ease scarcity of motor fuels in the South America nation.

The Iranian-flagged very large crude carrier (VLCC) Starla, owned and managed by state-run National Iranian Tanker Company (NITC), arrived in Venezuelan waters on Friday, according to a PDVSA schedule of imports and exports seen by Reuters.

The vessel, which switch off its transponder in December before departing from Iran’s Tombak port, was assisted by tugboats on Monday on its approach to PDVSA’s Jose port, according to monitoring service TankerTrackers.com, which also confirmed its identity.

PDVSA and NIOC, the parent company of tanker company NITC, did not immediately reply to requests for comment.

As part of the swap’s terms, the delivery of condensate had been expected in December, but a lack of oil storage and bottlenecks at Jose created delays, PDVSA internal documents showed.

The lack of onshore storage capacity, which has forced PDVSA since last year to resort to floating storage, also recently led the company to resume exports of diluted crude oil, a blend of extraheavy oil and imported condensate, to Asia.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

John Fredriksen Increases Stake in Euronav

Norwegian billionaire John Fredriksen has once again increased his stake in Belgian tanker company Euronav in wake of Frontline’s termination of its combination agreement...

First Citizens Bank Arranges $44.2 Million of Debt Financing for Navios Partners

First Citizens Bank announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt...

Eagle Bulk Appoints Kate Blankenship to Board of Directors

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the midsize drybulk vessel segment, announced that it has appointed A. Kate Blankenship...

Golar LNG: Unwind of majority of TTF hedges of 2023 and 2024 Dutch Title Transfer Facility exposure

Golar LNG Limited (“Golar”) announced that it has unwound the majority of its swap arrangements for its Dutch Title Transfer Facility (“TTF”) linked production...

Baltic index hits fresh multi-year lows on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls for seventh session on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits fresh 2-1/2-year low as larger vessel rates slip

The Baltic Exchange’s main sea freight index extended losses to a sixth straight session...

Baltic index down for fifth day on lower vessel rates

The Baltic Exchange’s main sea freight index fell for the fifth straight session on...

Maritime UK: Net Zero Review published

On 13 January, the Department for Business, Energy and Industrial Strategy (BEIS) published the...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...