Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Tue Mar 18, 2008 3:30 pm Post subject: Re: Venezuela shifts some oil shipments to China
This confirms the lead article I posted on March 13:
Quote:
Venezuela Has Stopped Shipments To Chalmette Refinery -Oil Min
DOW JONES NEWSWIRES
March 18, 2008 3:37 p.m.
CARACAS (Dow Jones)--Venezuela has ceased all oil shipments bound for the Chalmette, La., refinery and the oil is now being sold to China, the Venezuelan oil minister said Tuesday.
"Right now we're not sending anything," Oil Minister Rafael Ramirez told reporters after a press briefing regarding an ongoing legal spat with ExxonMobil Corp. (XOM). Petroleos de Venezuela and Exxon each own half of the refinery in Chalmette.
The refinery is part of the ongoing negotiations between both parties to settle a compensation dispute.
Ramirez made clear that the future of the refinery will be determined by both negotiating parties.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Fri Mar 28, 2008 4:53 pm Post subject: Re: Venezuela shifts some oil shipments to China
Quote:
Venezuela says all Chalmette oil sent to China
Fri Mar 28, 2008 4:19pm EDT
CARACAS, March 28 (Reuters) - Venezuela is still sending China the oil usually shipped to its Chalmette refinery in Louisiana, a joint venture with Exxon Mobil, Oil Minister Rafael Ramirez said on Friday.
The U.S. company stopped accepting the crude from state oil company PDVSA during a major legal conflict with Venezuela over compensation for a nationalized oil project.
"It's all gone to China," Ramirez told reporters.
Venezuela's socialist government is keen to export more oil to Asia to reduce dependence on sales to the United States.
The refinery, which can process about 193,000 barrels per day of crude, is a 50-50 joint venture between Exxon Mobil and PDVSA. In October, Chalmette received about 34,000 bpd of crude from Venezuela.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Thu Apr 10, 2008 8:00 pm Post subject: Re: Venezuela shifts some oil shipments to China
Venezuela has just signed a deal with India to send oil there too.
Looks like the US is being cut out of the picture.
Quote:
Reliance ties up Venezuelan crude supplies as Chavez opens tap for India
10 April 2008
Mumbai: Reliance Industries Ltd, the country's largest refiner, will buy 7.5 million tonnes of crude oil from Venezuela for its upcoming export-oriented refinery at Jamnagar in Gujarat.
Reliance struck the long-term supply deal after its CEO and president (oil and gas) P M S Prasad held a nearly one-hour meeting with Venezuelan oil minister Rafael Ramirez Ramirez in the Venezuelan capital of Caracas.
Under the long-term supply contract, Ramirez said, Reliance will get 1,50,000 barrels per day oil from Venezuelan oil fields.
Reliance has been buying Venezuelan crude for its existing 6,60,000 barrels per day refinery at Jamnagar.
Posted: Thu Apr 10, 2008 8:49 pm Post subject: Re: Venezuela shifts some oil shipments to China
I'm curious of the distance tankers must travel to go from Venezuela to China and India vs. the distance tankers travel from Saudi Arabia/ME to the US.
Does anyone know?
and... isn't the oil from Venezuela heavier and of less quality so the EROEI would be of worse ratio?
Joined: Sep 11, 2007 Posts: 383 Location: In freefall speed right down to the claws of the devil
Posted: Thu Apr 10, 2008 9:26 pm Post subject: Re: Venezuela shifts some oil shipments to China
No pun intended here (of course) but Venezuela ..... err better said late pdvsa, the way its being revolutionarily "administered", rather sooner than later, will have more oil "deals" in its accounts than crude oil out to ship over to any of those places.
Plus 35% down in its profits, with such high oil prices and no exploring investements ....... sheesh!
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Tue Apr 15, 2008 5:15 pm Post subject: Re: Venezuela shifts some oil shipments to China
Quote:
EIA: US Imports Of Venezuela Crude Fall 18.3% In Feb
DOW JONES NEWSWIRES
April 15, 2008 3:55 p.m.
By David Bird
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--U.S. crude oil imports from Venezuela fell 18.3% in February from January and were at their lowest level for any month since October 2005, preliminary data from the federal Energy Information Administration show Tuesday.
The steep drop corresponds with Venezuela's Feb. 12 decision to cut off oil sales to Exxon Mobil Corp. (XOM), amid a legal dispute over compensation stemming from Venezuela's move to nationalize a heavy crude oil venture run by Exxon there.
Crude imports from Venezuela averaged 927,000 barrels a day, down 208,000 barrels a day from February, and 16.9%, or 188,000 barrels a day from a year earlier, according to the EIA data.
Venezuela ranked as the fifth-largest crude supplier to the U.S. in February, behind, in order, Canada, Saudi Arabia, Mexico and Nigeria, the same ranking as in January. Venezuela typically has ranked ahead of Nigeria as the fourth-biggest supplier. Its fifth place ranking for the two consecutive months occurred for the first time since October-November 2005, the data show.
U.S. crude oil imports in February averaged 9.514 million barrels a day, the lowest level in a year, and down 486,000 barrels a day, or 4.9%, from a month earlier. Imports were up 5.1%, or 465,000 barrels a day, from a year ago.
Venezuelan officials have said they want to replace Exxon Mobil as the operator at Chalmette and that crude oil volumes once bound for the Louisiana plant are now being sold to customers in China.
CARACAS, Venezuela - U.S. imports of Venezuelan oil and oil products fell by 11.7 percent to a five-year low in the first four months of the year, the U.S. government said Monday, while Venezuela boosted oil shipments to its budding ally, China, instead.
The U.S. imported an average 1.13 million barrels of crude and petroleum products a day from Venezuela in the first four months of 2008, from about 1.28 million barrels a day in the same period last year, U.S. Energy Information Administration figures show. The last time U.S. imports were that low, a strike had paralyzed Venezuela's oil industry in 2002-2003.
however...
Quote:
Some suggest Venezuela's limited refining capacity will keep it dependent on the U.S., where roughly a third of PDVSA's extra-heavy crude was refined in 2007.
‘'Venezuela, for better or worse, remains dependent on the U.S. as its primary natural market,'‘ said Patrick Esteruelas, a New York-based Latin America analyst for the Eurasia Group.
Posted: Fri Jul 04, 2008 12:05 pm Post subject: Re: Venezuela shifts some oil shipments to China
The sale to China isn't a sudden decision. A year ago, maybe two, Vz signed a contract to sell China an escalating volume. Sorry…don’t recall the volume or increase schedule but it was significant. But even more important: China has been investing directly in Vz oil fields for the last 10 years. In the late 90’s China bought a Vz oil field producing less than 400 bopd for over $200 million. But a similar field was purchased by a US operator in the early 90’s that used horizontal well bores to ramp production up to 40,000 bopd. They could have increased production higher but, as per the contract, over 40,000 bopd would have meant the Vz gov’t receiving 100% of that additional revenue. I have no idea of the current volume of oil China is producing in Vz but this oil is titled to China and they are free to ship it home or sell it to the market. This has been a growing biz plan by China but I don’t have a sense of the volume of production they may have tied up world wide.
As far as exports to the US there’s a big split with respect to crude quality. The Orinoco crud (not a misspelling) is so nasty it’s often mixed with water just so it can be pumped. For a long time the Gulf coast refiners were the only ones that could handle it. I’m not sure what the status is today but I suspect we get the majority of the crud and China et al get the better stuff.
Posted: Sat Jul 05, 2008 11:34 am Post subject: Re: Venezuela shifts some oil shipments to China
Can oil sales be tracked perfectly across the world? I doubt it.
I'll submit that China has simply done a good job of, without fanfare, buying oil everywhere it can outside of normal markets, and part of the current price increase is due to quiet deals they are doing across the world. It kept the price increases lower longer, and minimizes the perceived economic threat of China for a time as well.
Posted: Sat Jul 05, 2008 3:02 pm Post subject: Re: Venezuela shifts some oil shipments to China
I agree Dave. I only have limited experience dealing with the Chinese. And this maybe a bit of an overstatement...then maybe not: their gov't is run more along the model of an organized crime syndicate then a communist regime. And that's not a completely negative characterzation. They have no leagal restrictions on how they deal with foreign companies or gov'ts. Bribery, under the table deals, cohersion...what ever it takes to get the deal done. They are allowed a sigle focus on their goals. Neither ethics, human rights, environmental safe guards, etc is going to get in the way of their goal: growth. Ignoring the morality issue it would be easy to be envious of them.
Joined: Sep 11, 2007 Posts: 383 Location: In freefall speed right down to the claws of the devil
Posted: Sun Jul 06, 2008 11:46 am Post subject: Re: Venezuela shifts some oil shipments to China
Quote:
They have no leagal restrictions on how they deal with foreign companies or gov'ts. Bribery, under the table deals, cohersion...what ever it takes to get the deal done.
No problem then. They are THE perfect match!
How many tanquers did hugo offer to buy from China, in order to get them "interested" in such contra-nature deal, ehh?
Joined: Jun 26, 2007 Posts: 1620 Location: The Canada of America
Posted: Mon Jul 07, 2008 6:08 am Post subject: Re: Venezuela shifts some oil shipments to China
Fiddlerdave wrote:
Can oil sales be tracked perfectly across the world? I doubt it. I'll submit that China has simply done a good job of, without fanfare, buying oil everywhere it can outside of normal markets
From what I've read, China's doing oil the old-fashioned way we were all doing it before the OPEC crisis in the early 70s. Before that, it was bilateral deals where you signed with a supplier for X years at Y price. When the Arabs embargoed us, the Anglo-American interests switched to an open market system, so that no one was beholden to any particular supplier. Of course, that also meant that oil was open to speculation, since everyone had to have it and there was open competition for it, day by day.
China is going to other countries and offering the X-for-Y deals again, not playing our open market game. They're locked in and know where their oil's coming from for the next generation or so. _________________ I can has cheezburger?
Joined: Jun 26, 2007 Posts: 1620 Location: The Canada of America
Posted: Mon Jul 07, 2008 6:10 am Post subject: Re: Venezuela shifts some oil shipments to China
ROCKMAN wrote:
They have no leagal restrictions on how they deal with foreign companies or gov'ts. Bribery, under the table deals, cohersion...what ever it takes to get the deal done.
Oh, yeah, that sounds DEAD different from how things get done in the back rooms of the West, sure. _________________ I can has cheezburger?
All times are GMT - 6 Hours Goto page Previous1, 2, 3Next
Page 2 of 3
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
