Whether you choose an FHA insured or conventional mortgage loan product, refinancing your present home may be one of the most important components of a long–term financial strategy which you can consider today.Ĭompetitive interest rates, a variety of programs and features, low or no closing cost options, less stringent guidelines, the ability to switch to a different type of mortgage program and/or term and even the possibility of cash out are some motivating factors to consider. The companies did not immediately answer to requests for comment for this story.BETTER RATES. oil major Chevron Corp and Spain’s Repsol SA - have not been sanctioned by Washington. Other firms taking Venezuelan oil as repayment of loans or late dividends - including U.S. They also swap Venezuelan crude for imported fuel that the poverty-striken South American country desperately needs. Rosneft’s units take Venezuelan oil as repayment for billions of dollars in loans extended to Venezuela in recent years. In January, TNK was allocated 7 of the 10 cargoes intended to be taken by Rosneft, the PDVSA documents showed. Since late last year, TNK Trading has managed an increasing share of the exports allocated by PDVSA to Rosneft. As a consequence, Venezuela’s production fell to its lowest level in almost 75 years, making its relationship with Russia of vital importance. The imposition of the toughest sanctions yet on PDVSA last year shut the company out of its main market, the United States, and resulted in the loss of one-third of its oil exports in 2019. The remaining 13 were allocated to non-Russian companies. 21, according to PDVSA internal data seen by Reuters. ![]() The changes to the loading schedule mean that eight of the 23 crude cargoes planned for export this month from Venezuela’s main oil terminal, the Jose port, have so far been allocated to TNK Trading International SA.Īnother two remained allocated to Rosneft Trading as of Feb. Sources in PDVSA and the shipping sector said that the change of buyer by the state-run firm was aimed at avoiding problems for transferring, blending or the reselling of the Venezuelan oil. ![]() sanctions illegal as Washington has not presented Rosneft with any material showing it was in breach of any restrictions, while other oil firms have continued taking Venezuelan crude for exports. sanctions on the state firm at the beginning of last year and engaging in “tricks” to hide the country of origin of some cargoes. officials accused Rosneft Trading, which last year became the largest intermediary for Venezuelan oil, of propping up PDVSA following the imposition of U.S. It provided a 90-day period to wind down transactions with the firm. In an escalation of its “maximum pressure” strategy designed to oust Venezuelan President Nicolas Maduro, Washington imposed sanctions last week on Rosneft Trading SA - PDVSA’s main business partner - and its boss, Didier Casimiro. “I’d only say that if they play games like that with OFAC, all that will happen is additional companies will get sanctioned,” he said, referring to companies trying to work around the sanctions from the Office of Foreign Assets Control. Special Representative for Venezuela Elliott Abrams told Reuters on Monday that he was aware of the cargoes shifted to TNK Trading. Reuters could not determine whether the move was in response to U.S. PDVSA and Rosneft did not respond to questions about the changes. TNK Trading and Rosneft Trading share an address in Geneva, according to online company registry Moneyhouse. Rosneft absorbed TNK Trading International after it completed the purchase of TNK BP in 2013. Two of the cargo changes occurred in the first week of February. special envoy to warn that more firms could be penalized if they “play games.”Īccording to PDVSA’s trade reports seen by Reuters, four cargoes carrying some 6.7 million barrels of Venezuelan oil which had previously been allocated to Rosneft Trading for February loading were changed in recent days to another unit of the Russian firm, TNK Trading. sanctions last week, to another affiliate of the Russian oil giant, internal documents from the Venezuelan company showed, prompting the U.S. (Reuters) - State-run PDVSA has shifted several oil cargoes from Rosneft Trading SA, which was hit by U.S.
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