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Third Iranian fuel cargo reaches Venezuelan waters, others unloading - data

Stock MarketsMay 26, 2020 07:45PM ET
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2/2 © Reuters. FILE PHOTO: Workers of the state-oil company Pdvsa holding Iranian and Venezuelan flags greet during the arrival of the Iranian tanker ship "Fortune" at El Palito refinery in Puerto Cabello 2/2

By Mircely Guanipa and Marianna Parraga

MARACAY, Venezuela (Reuters) - The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela on Tuesday reached the nation's exclusive economic zone as the previous two were discharging at state run PDVSA's ports, Refinitiv Eikon data showed.

The Iran-flagged tanker Petunia crossed the Caribbean Sea (NYSE:SE) earlier on Tuesday, following the same route as vessels Fortune and Forest. The Fortune arrived on Monday at a port serving PDVSA's El Palito refinery.

President Nicolas Maduro said he would announce in the coming days a "plan" for fuel distribution. Gasoline is so heavily subsidized that it is essentially free, but shortages have forced Venezuelans to either wait in days-long queues or pay steep prices on the black market.

"Now we will be able to go in phases toward a new normal in terms of gasoline supply," Maduro said in a state television address.

The United States has criticized the shipment, as both OPEC nations are under sanctions. A U.S. official said earlier this month that President Donald Trump's administration was considering responses to the shipment, prompting the Iranian government to warn Washington against military action.

The vessels did not appear to encounter interference during their journey.

The second tanker in the flotilla, the Forest, docked Tuesday at a port serving PDVSA's second largest refinery, Cardon, in western Venezuela, according to two sources and the Eikon data.

As the tankers discharge the imports, which include gasoline and components for motor fuel production, PDVSA is working to recover some of the domestic refining capacity it has lost in recent years due to mismanagement, lack of qualified personnel and delayed maintenance due to limitations under the U.S. sanctions.

PDVSA's refining network has 1.3 million barrels per day (bpd) of capacity, but processed just 215,000 bpd of crude for fuel production this month, up from 110,000 bpd in March.

Third Iranian fuel cargo reaches Venezuelan waters, others unloading - data
 

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Comments (4)
Jasper Yu
Jasper Yu May 26, 2020 10:57PM ET
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These shipments will save thousands of people s lives there. Wall Street and Main Street here in US just do not understand how cold blood they are...
Me comment
Me comment May 26, 2020 9:41PM ET
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Trump foreign policy at its best sanctions with not meaning as Iran thumbs its finger at Trump who does nothing to enforce the sanctions he imposed. What does he do goes and plays golf. This man cannot be president any longer he needs to be removed from office by any means necessary.
Jason Zou
Jason Zou May 26, 2020 8:11PM ET
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Where were the almighty US navy pirates when the cargo fleet sailed in US front gate, after incessant threats or bluffs from US at Iran and Venezuela. Did they just salute to the fleet with noding?
David Wang
David Wang May 26, 2020 5:18PM ET
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Iran got about $4 billion support from China in Dec 2019, to motivate Iran to continue undermine the U.S. global strategy. This happened right after the attack in Iraq in CQ4 2019, before the pandemic.
 
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