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News: Oil and Gas

Venezuela Puts $4 Billion China Loan in Foreign Reserves, Signs Major Oil Deal with Russia

Russian president Vladimir Putin (center) watches as Venezuelan Foreign Minister Rafael Ramirez (left) greets Rosneft president

In a television address yesterday evening, Venezuelan president Nicolas Maduro indicated that a $4 billion loan from China would be added to the country’s international reserves. Meanwhile, as oil prices to continue to slide and with eight days to go to the next OPEC meeting, Venezuela has signed a major deal with the largest exporting non-OPEC member, Russia.

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Venezuela’s Foreign Minister Embarks on Tour to “Stabilise” Oil Prices

Earlier today Ramirez met with Qatar’s prime minister, Abdullah Bin Nasser Bin Khalifa Al Thani, where Ramirez said, “We sho

Venezuela’s foreign minister Rafael Ramirez is touring a number of oil producing nations in a bid to prevent a further fall in oil prices that could squeeze the South American country’s finances.

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Venezuela Rules Out Sale of Citgo to the US

A Citgo refinery in Romeoville, Illinois, near Chicago (Photo: Reuters).

In an interview published Sunday, Venezuelan Finance Minister Rodolfo Marco said will South American country will not sell Citgo Petroleum Corporation to the United States. Citgo is the U.S. subsidiary of the Venezuelan state owned oil company, Petroleos de Venezuela, S.A. (PDVSA).

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Venezuelan Calls for OPEC to Respond to Sliding Oil Prices

Oil rigs in the Orinoco Delta, home to the world's largest oil reserves. (AVN)

Venezuelan foreign minister Rafael Ramirez alerted press Friday that his cabinet has “received instructions from the president to request an extraordinary OPEC meeting.” Ramirez was the head of state-owned petroleum corporation PDVSA until a September cabinet shakeup.

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Venezuela Declares Victory over Transnational in Response to Exxon-Mobile Settlement Ruling

The International Center for Settlement of Investment Disputes (ICSID) stated that Venezuela's compensation payment to Exxo

On Thursday, The International Center for Settlement of Investment Disputes (ICSID) stated that Venezuela's compensation payment to Exxon Mobile Corp for the 2007 nationalization of the oil company’s holdings in the country should only be 13% of the amount that the transnational company claimed that it was owed. 

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Venezuelan Experts, Union Leaders Debate Increase in Gasoline Prices

The forum included presentations by each of the five speakers – two economists and three transportation sector representatives

In a public forum on Thursday organized by Caracas newspaper Últimas Noticias, experts and union leaders expressed tentative approval for an increase in Venezuela’s gasoline prices.

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Venezuelan President Maduro Proposes to Increase World’s Cheapest Gasoline Price

President Maduro made the proposal at the close of the governing United Socialist Party of Venezuela (PSUV)’s congress last Th

Venezuelan president Nicolas Maduro has proposed to create a consensus around the need to increase the price of gasoline in the South American OPEC nation.

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Venezuela Promises Reform amid Debate over Economic Direction

In a speech last week about the performance of state oil company PDVSA in 2013, Vice President for the Economy Rafael Ramirez (p

The Venezuelan government has confirmed that it is planning a series of macroeconomic reforms to confront ongoing problems, provoking diverse reactions over the country’s economic direction.

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Venezuela’s Economy Vice President Outlines Strategy for Stability

Venezuela’s Vice President for the Economy, Rafael Ramirez, outlined planned changes to the exchange rate system, oil exports

Venezuela’s Vice President for the Economy, Rafael Ramirez, has outlined planned changes to the exchange rate system, oil exports and gasoline subsidies as part of a strategy to achieve macroeconomic stability and overcome current economic problems.

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Major Airlines to Regulate Fares in Venezuela as Transport and Oil Costs Rise

Airline representatives in discussion in Venezuela. (@RMarcoTorres)

Yesterday Venezuelan Air and Maritime Transport Minister, Herbet Garcia Plaza, announced the government had reached an agreement with representatives of leading international airlines to regulate the cost of air travel to and from the country.

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El Salvador Enters Venezuela’s Petrocaribe Oil Alliance

A previous Petrocaribe Ministerial Council Meeting. (AVN)

El Salvador was confirmed this morning as an official member of Petrocaribe, an alliance forged by late Venezuelan leader Hugo Chavez with many Caribbean states to promote economic and social integration by trading oil at preferential prices.

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Paramedic Injured by Violent Groups, Petrol Services Suspended in One Venezuelan Region after Attacks

Wilbany Leon (centre, red jacket), with transport minister Haiman El Troudi (centre, glasses) (Noticias 24)

A motorbike paramedic “almost died” on Monday as a result of nylon placed at the exit to a tunnel in Caracas, while an attack on a PDVSA oil tanker in Carabobo has seen the company cancel its services in the area.

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Venezuelan Vice President Calls for National Debate on Gasoline Prices

“For those who want homeland, come with me. But on foot, because we have to save gasoline” (Agencies).

The world's lowest petrol prices could be raised for the first time in 16 years, after the Venezuelan government called for a national debate on the country's gasoline subsidies.

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Venezuelan Report: Refinery Disaster Caused by Intentional Manipulation of Gas Pump Bolts

Petroleum and mining minister Rafael Ramirez presenting the report of the investigation into the Amuay tragedy (AVN)

Following government allegations a fortnight ago that last year’s Amuay refinery disaster was caused by sabotage, authorities have now released a full report with details of the year-long investigation.

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Venezuela to Appeal World Bank Ruling on ConocoPhillips Compensation Claim

Venezuela has the largest proven oil reserves in the world, according to the government. The Orinoco belt alone could contain as

 Venezuela's oil and mining minister and head of the country's state oil company, Rafael Ramirez, has stated the government will appeal a World Bank ruling against the 2007 expropriation of oil assets of ConocoPhillips.

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