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re: Dutch and Singapore firms beat US majors to first deals for Venezuelan oil
Posted on 1/12/26 at 8:55 am to ragincajun03
Posted on 1/12/26 at 8:55 am to ragincajun03
Tommy is looking. Get Cooper and get over there.
0
Posted on 1/12/26 at 9:10 am to ragincajun03
XOM will be moving on Venezuela soon, just trying to play some Art of tDeal first
Posted on 1/12/26 at 9:20 am to The Third Leg
Google will make you more ignorant if no prior knowledge provides correct queries
Citgo in Lake Chuck was importing 10 API gravity Boscan by 1983 because it made more money. They became the top fuel grade petcoke producer in the world back then. Otto Wolff, a German steel and trading company developed new markets for fuel grade petcoke in Europe which were quite profitable for both them and their suppliers, with Citgo contracting 75% to Otto Wolff.
Dirty is a term used by idiot envirowhackos. That is my objection
Canadian crude is not much different than Venezuelan. It also needs diluent. Upgraders provide the diluent which can also be high sulfur diesel. What is shipped down here via pipeline is a blend of syncrude and produced crude from Canada.
FTR, there was a global shortage of sulfur in the early 1980's until it was obtained from high sulfur crude oil.
Houston Refining made bank on Venezuelan until it couldn't obtain it. They even built a cogen uni, in the late 1980's, fueled by petcoke which burns a lot hotter than coal.
BTU's are what matters in energy. More carbon = more BTU's
Citgo in Lake Chuck was importing 10 API gravity Boscan by 1983 because it made more money. They became the top fuel grade petcoke producer in the world back then. Otto Wolff, a German steel and trading company developed new markets for fuel grade petcoke in Europe which were quite profitable for both them and their suppliers, with Citgo contracting 75% to Otto Wolff.
Dirty is a term used by idiot envirowhackos. That is my objection
Canadian crude is not much different than Venezuelan. It also needs diluent. Upgraders provide the diluent which can also be high sulfur diesel. What is shipped down here via pipeline is a blend of syncrude and produced crude from Canada.
FTR, there was a global shortage of sulfur in the early 1980's until it was obtained from high sulfur crude oil.
Houston Refining made bank on Venezuelan until it couldn't obtain it. They even built a cogen uni, in the late 1980's, fueled by petcoke which burns a lot hotter than coal.
BTU's are what matters in energy. More carbon = more BTU's
Posted on 1/12/26 at 9:28 am to fightin tigers
quote:
What products does Venezuelan crudes make that regular Gulf of America crude doesn't?
Venezuelan crude is great for asphalt
Posted on 1/12/26 at 9:31 am to ragincajun03
Vitol and Trafigira are everywhere. 2 of the largest oil traders in the world. They are there to make a market. Need to get the stuff out of ground first
Posted on 1/12/26 at 9:40 am to Samso
quote:
Need to get the stuff out of ground first
There is plenty out of the ground. Worried about shutting in wells right now.
Posted on 1/12/26 at 9:41 am to ragincajun03
quote:
Well he was just fired from M-Tex Oil, so he's looking for a new gig.
I hadn't watched the latest episode yet... way to spoil
Posted on 1/12/26 at 9:55 am to ragincajun03
Exxon wrote off $4 billion of their Sakhalin investment due to Russian sanctions from their Ukrainian adventure, and subsequent expropriation by the Russian government.
Maduro cronies controlling the Venezuela government remain in power, with the President's declaration that the U.S. government runs Venezuela yet to be defined in terms of security guarantees for both capital and personnel of U.S. O&G companies inside Venezuela.
Can't say I blame Exxon's CEO for his reluctance towards Venezuela, where they've also been burned before by that government's confiscation of Exxon's assets in country.
The Dutch and Singapore initiatives are simply commodity trading activities, not in country development obligations.
Maduro cronies controlling the Venezuela government remain in power, with the President's declaration that the U.S. government runs Venezuela yet to be defined in terms of security guarantees for both capital and personnel of U.S. O&G companies inside Venezuela.
Can't say I blame Exxon's CEO for his reluctance towards Venezuela, where they've also been burned before by that government's confiscation of Exxon's assets in country.
The Dutch and Singapore initiatives are simply commodity trading activities, not in country development obligations.
Posted on 1/12/26 at 10:04 am to ragincajun03
quote:They get Venezuela, we get Greenland. everybody is happy!
The first companies to secure any business in the wake of the U.S. military action in Caracas, however, were Dutch-based trader Vitol
Posted on 1/12/26 at 10:12 am to CitizenK
quote:
I've worked with the Dutch and they are more like Americans than the Brits, by my experience.
As they say, "it ain't much if it ain't Dutch."
Posted on 1/12/26 at 11:05 am to Larry_Hotdogs
Vitol's HQ is in Geneva. Most of the large trading firms are Swiss-based.
Trafigura was started by former Marc Rich & Co employees. March Rich & Co was rebranded to Glencore after he was indicted and eventually removed from the company. They have interesting histories if you read up on them and how they shaped global politics in the dark shadows. Javier Blas (Spanish Bloomberg journalist) published a book not that long ago about them.
Trafigura was started by former Marc Rich & Co employees. March Rich & Co was rebranded to Glencore after he was indicted and eventually removed from the company. They have interesting histories if you read up on them and how they shaped global politics in the dark shadows. Javier Blas (Spanish Bloomberg journalist) published a book not that long ago about them.
Posted on 1/12/26 at 11:51 am to Samso
quote:Vitol might nominally be HQed in the Netherlands, but their most profitable arm for sure is in the US.
Vitol and Trafigira are everywhere.
Posted on 1/12/26 at 1:16 pm to CitizenK
quote:
I've worked with the Dutch
Same. Loved working with the Dutch. They're like Germans, but with a good sense of humor.
Posted on 1/12/26 at 1:43 pm to mytigger
quote:
Same. Loved working with the Dutch. They're like Germans, but with a good sense of humor.
Maybe more innovative too. I was with Dutch engineers partying and there was big problem, sober as a judge making rational quick decisions in 5 minutes
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