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☆ Ex-Venezuela Oil Minister's Pilot Pleads Guilty to Violating US Sanctions
▼ + stars: | 2023-09-26 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

By Luc CohenNEW YORK (Reuters) - A U.S. pilot pleaded guilty on Tuesday to violating American sanctions by transporting former Venezuelan oil minister Tareck El Aissami, whom Washington accuses of drug trafficking. Victor Mones, who founded the Florida private jet firm, pleaded guilty in 2019 to violating sanctions. The United States sanctioned El Aissami in 2017, accusing him of helping arrange drug shipments out of Venezuela, including to the United States and Mexico, through his control of a Venezuelan airbase and shipping ports. The United States accuses Maduro of corruption, human rights violations and rigging elections, which he denies. El Aissami has denied wrongdoing.

Persons: Luc Cohen NEW, Tareck El Aissami, Washington, Michols Orsini, Alvin Hellerstein, Orsini, Victor Mones, El Aissami, Mones, Nicolas Maduro, Luc Cohen, David Gregorio Organizations: Luc Cohen NEW YORK, U.S, U.S . Department of Homeland Security, El, El Aissami, United Locations: U.S, Manhattan, Venezuela, Dominican Republic, Florida, El, United States, Mexico, Venezuelan, Washington, New York

HOUSTON/PUNTO FIJO, Venezuela, April 4 (Reuters) - Venezuela's oil exports rose in March to the highest monthly average since August, boosted by a resumption of loadings after an export freeze and by rising cargoes assigned to Chevron Corp (CVX.N), according to documents and shipping data. State oil company PDVSA has reinstated two export contracts after a January freeze by new boss Pedro Tellechea: a medium-term contract with Hangzhou Energy, and another with Portugal-based Adinius Sociedade de Servicios, the documents showed. Oil swap deals with Chevron, Cuba's state company Cubametales and Iran's Naftiran Intertrade Co (NICO) - and most exports of oil byproducts - have continued flowing without interruption during the freeze. Chevron received and exported about 115,000 bpd of Venezuelan heavy crude to the U.S., an increase from about 80,000 bpd in February. Oil exports averaged 774,420 bpd in March, the highest since August, as state company PDVSA reinstated supply contracts that allowed it to ship more crude and fuel in supertankers.

☆ Venezuela arrests nine CVG officials over corruption probe
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

CARACAS, April 2 (Reuters) - Venezuelan authorities have taken nine officials from state-owned metals conglomerate Corporacion Venezolana de Guayana (CVG) - including from steel-maker subsidiary Sidor - into custody during corruption investigations, attorney general Tarek Saab said on Sunday. Prosecutors began investigating irregularities at CVG and Sidor on Friday, adding to investigations into alleged corruption at state oil company PDVSA and a government agency overseeing cryptocurrency transactions, both led by Tareck El Aissami who subsequently resigned as oil minister. Nestor Astudillo and Pedro Maldonado, the presidents of Sidor and CVG respectively, are under arrest, as well as four company vice presidents and three managers, Saab said on Twitter. Some 42 people have been arrested as part of investigations into corruption, Saab tweeted on Saturday night, without giving more details. Reporting by Mayela Armas Additional reporting by Deisy Buitrago Writing by Oliver Griffin Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Venezuelan oil resumed flowing to the U.S. in January under a Treasury Department license granted to Chevron that allowed it to expand output there and export the oil. Refiners including Valero and Phillips 66 (PSX.N) have bought cargoes from Chevron, according to U.S. Customs and shipping data. Chevron's license - and approvals granted to European firms Eni (ENI.MI) and Repsol (REP.MC) - allow only for oil or debt swaps. Chevron's resumption of Venezuelan crude imports has not led to an increase in the country's overall exports this year, according to PDVSA schedules and Refinitiv Eikon data. 2 U.S. oil company exported some 86,000 barrels per day of Venezuelan oil in February.

☆ Venezuela's Maduro suspends PDVSA restructuring committee after minister quits
▼ + stars: | 2023-03-27 | by ( Deisy Buitrago | ) www.reuters.com time to read: +2 min

CARACAS, March 27 (Reuters) - Venezuela's President Nicolas Maduro suspended a committee he had appointed to restructure state oil firm PDVSA under the supervision of Tareck El Aissami, the oil minister who resigned last week amid an expanding anti-corruption probe into the company and the judiciary. The probe has led to 10 officials and 11 businessmen being arrested and 11 more wanted. PDVSA President Pedro Tellechea was appointed as the new oil minister last week, giving him wide control of the industry. Maduro said last week a new restructuring process must begin in PDVSA, formally known as Petróleos de Venezuela, S.A., to audit its accounts and uncover corruption. PDVSA's restructuring commission was created to adopt urgent measures to "protect the industry from imperialist aggression."

CARACAS, March 25 (Reuters) - An expanding anti-corruption probe in Venezuela has led to the detention of 10 officials and 11 businessmen, the country's attorney general said on Saturday, adding that arrest warrants for 11 more people have been issued. The investigation, which began in October, is focused on state oil company PDVSA, a government entity supervising crypto currency operations, and the judiciary. This week, it led to the resignation of the country's powerful oil minister, Tareck El Aissami, who had served the government for two decades. The 21 people arrested face accusations of appropriation of public assets, money laundering, influence peddling and criminal association. Officials involved could also face charges of treason, the attorney general said.

He was replaced by Pedro Rafael Tellechea, who had been named to head PDVSA in January. Maduro said that his government was committed to "going to the root" of corruption, calling the probe which began last year "professional, scientific and disciplined." The Finance Ministry, the central bank, and PDVSA did not respond to requests for comment. It is unclear whether the corruption probe and contract review will concretely improve PDVSA's cash flows in the near future. PDVSA last year delayed cash payments in dollars to several of its suppliers because of dwindling income.

☆ Venezuela president names PDVSA head Tellechea as new oil minister
▼ + stars: | 2023-03-22 | by ( Deisy Buitrago | ) www.reuters.com time to read: +3 min

REUTERS/Leonardo Fernandez Viloria/File PhotoCARACAS, March 21 (Reuters) - Venezuelan President Nicolas Maduro on Tuesday named the head of state oil company PDVSA, Pedro Rafael Tellechea, as the new oil minister, a day after his predecessor resigned amid an extensive corruption investigation focused on the company. Former minister Tareck El Aissami resigned on Monday after the arrest of several government officials and judges in connection with graft investigations. Sources with knowledge of the issue said more than 20 lower-level PDVSA officials have also been detained over recent days. Tellechea has been head of PDVSA since January and ordered an audit into heavy losses suffered last year as tankers left the country without proper payments being made for cargo. It is not the first time the government has promised a crackdown on alleged PDVSA corruption.

HOUSTON, March 21 (Reuters) - Venezuela's state-run oil company PDVSA has accumulated $21.2 billion in accounts receivable, according to documents viewed by Reuters, after turning to dozens of little known intermediaries three years ago to export its oil under U.S. sanctions. The scale of the receivables explains a January freeze on supply contracts by PDVSA's new boss Pedro Tellechea, who sought to halt unpaid cargoes immediately after taking office. A series of attempts to tighten contract terms came after some vessels absconded without payment in recent years. PDVSA and Venezuela's oil ministry did not immediately reply to a request for comment. Reporting by Marianna Parraga; Editing by Gary McWilliams and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Venezuela Oil Minister Resigns Amid Widening Corruption Probe
▼ + stars: | 2023-03-20 | by ( Kejal Vyas | ) www.wsj.com time to read: 1 min

Tareck El Aissami said that he resigned to facilitate a government anticorruption probe. Venezuela’s oil minister resigned Monday amid a widening campaign by President Nicolás Maduro to root out corruption in the government and the national oil company, which in recent days has led to the arrests of several government officials on graft charges. Tareck El Aissami , who had held high posts in government and long been among Mr. Maduro’s closest confidants, said on Twitter that he was stepping down from his post to facilitate the government’s anticorruption probe into state-run Petróleos de Venezuela, or PdVSA. He couldn’t be reached to comment.

[1/5] A Venezuelan flag next to some flags of Venezuela's state oil company PDVSA is pictured near the company's headquarters, in Caracas, Venezuela March 20, 2023. REUTERS/Leonardo Fernandez ViloriaCARACAS, March 20 (Reuters) - Venezuela's President Nicolas Maduro on Monday accepted the resignation of the country's powerful oil minister following the detention of at least six high level officials amid a corruption probe focused on state-run company PDVSA and the judiciary. Arresting government officials for corruption is rare in Venezuela, a country that rights groups such as Transparency International have described as opaque. The sources also said that at least 20 lower level officials at PDVSA have been arrested in recent days. The arrests are the largest recent crackdown on alleged PDVSA corruption.

☆ Exclusive: Iran to start revamp at Venezuela's largest refining complex within weeks - sources
▼ + stars: | 2023-02-03 | by ( Mircely Guanipa | ) www.reuters.com time to read: +6 min

The companies are now expected to sign in the coming weeks a 460-million-euro contract to revamp the 955,000-bpd Paraguana refinery complex on the coast of western Venezuela, according to the sources. Iran's Foreign Minister Hossein Amirabdollahian arrived in Caracas on Friday and met Venezuela's oil minister Tareck El Aissami, according to tweets from the Iranian embassy in Caracas and Venezuela's oil ministry. PDVSA, NIORDC and Venezuela's oil ministry did not reply to requests for comment. A QUARTER OF CAPACITYA project to restore the complex's dilapidated power supply is also planned as part of the revamp, according to the sources. During the El Palito revamp, PDVSA sent home hundreds of Venezuelan workers to make way for the Iranian technicians, which triggered protests.

☆ Russia discusses debt, energy stability with Venezuela
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +3 min

CARACAS, Dec 14 (Reuters) - Russian Deputy Prime Minister Alexander Novak met on Wednesday with Venezuela's oil minister in Caracas, where they discussed oil market volatility and the status of Venezuela's outstanding debts to Russia. "Oil- and gas-producing countries are the solid keystone of our trade and financial cooperation, which continues showing its resilience despite sanctions and pressure on Russia and Venezuela," Novak said. Moscow is negotiating a debt restructuring deal with Venezuela, Russian agency Interfax said on Wednesday, citing an official from Russia's finance ministry. The two countries signed a total of 11 agreements covering everything from medicine supply to oil well services, Venezuela's oil ministry said in a statement. Europe introduced an embargo on purchases of seaborne Russian oil starting this month, trying to cripple Moscow's military efforts in Ukraine.

☆ Venezuelan officials, Chevron execs hold closed-door meetings
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

The first meeting with workers was planned to be held at joint venture Petropiar in the Orinoco Belt oil region. But after last-minute changes to the agenda, executives and officials opted for a closed-door encounter. The second of those private meetings is planned for Thursday at the site of the Petroboscan joint venture in western Venezuela, two of the sources added. A Chevron spokesperson declined to comment, citing a policy of not commenting on commercial matters. It was unclear whether new general managers at some joint ventures were appointed, as planned.

☆ Venezuela, Chevron formally sign oil contracts in Caracas
▼ + stars: | 2022-12-02 | by ( Deisy Buitrago | ) www.reuters.com time to read: +2 min

CARACAS, Dec 2 (Reuters) - Venezuela's oil minister and top representatives of state-run company PDVSA on Friday signed contracts with U.S. oil firm Chevron Corp (CVX.N) intended to help revive the nation's oil output and expand operations. "This is an important step towards the right direction, but yet insufficient," said oil minister Tareck El Aissami after the signing ceremony. The event took place at PDVSA's Caracas headquarters and was attended by El Aissami, Chevron's President for Venezuela, Javier La Rosa, and PDVSA President Asdrubal Chavez. The authorization was required because of U.S. sanctions on PDVSA and Venezuela's oil sector. Earlier this year, OFAC authorized Chevron to hold meetings with Venezuelan officials, including people specifically sanctioned by Washington, like El Aissami.

☆ Venezuela signs contracts with Chevron to reanimate, expand oil output
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

CARACAS, Dec 2 (Reuters) - Venezuela's oil minister and top representatives of companies PDVSA and Chevron Corp (CVX.N) on Friday signed contracts aimed at reviving crude output and expanding operations in the U.S.-sanctioned nation, following a license by Washington. The contracts include the joint ventures Petroboscan and Petropiar, officials said, but details were not disclosed. The documents were signed at PDVSA's Caracas headquarters by minister Tareck El Aissami, Chevron's President for Venezuela, Javier La Rosa, and PDVSA's president Asdrubal Chavez. Reporting by Deisy Buitrago; Editing by Gary McWilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Venezuela and Chevron sign oil contract in Caracas
▼ + stars: | 2022-12-02 | by ( Kareem El Damanhoury | ) edition.cnn.com time to read: +2 min

CNN —The Venezuelan government and American oil company Chevron have signed a contract in Caracas on Friday to resume operations in Venezuela, according to the country’s state broadcaster VTV. “This contract aims to continue with the productive and development activities in this energy sector, framed within our Constitution and the Venezuelan laws that govern oil activity in the country,” said Venezuelan oil minister Tareck El Aissami, who was slapped with United States sanctions in 2017. He attended the signing ceremony along with representatives from Venezuelan state-owned oil and natural gas company PDVSA and Chevron. April 2023 will mark Chevron’s 100th anniversary in Venezuela, El Aissami said at the event. In 2017, OFAC said El Aissami had played a “significant role in international narcotics trafficking,” according to a news release.

☆ Venezuela to sign new contracts to boost oil output at joint ventures
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - Venezuela plans to soon sign new contracts to boost oil output at joint ventures between state firm PDVSA (PDVSA.UL) and private energy companies, the country's oil minister Tareck El Aissami said on Tuesday. The U.S. Treasury Department on Saturday authorized California-based Chevron Corp (CVX.N) to expand operations at its Venezuela joint ventures, which is expected to help the country reanimate crude production and exports following almost four years of harsh U.S. oil trading sanctions. El Aissami made the announcement on Twitter following a meeting with U.S. Chevron's top executive in Venezuela, Javier La Rosa. Chevron is a minority partner in four oil joint ventures in Venezuela with PDVSA, which have produced this year between 60,000 and 100,000 barrels per day (bpd) of crude. The new license authorizes the U.S. company to export its projects' oil to the United States.

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