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EXCLUSIVE-Spain's Repsol Suspends Swap Deal for Have Been Anchored Off Jose for Over Two Months Venezuelan Oil Under U.S

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EXCLUSIVE-Spain's Repsol Suspends Swap Deal for Have Been Anchored Off Jose for Over Two Months Venezuelan Oil Under U.S EXCLUSIVE-Spain's Repsol suspends swap deal for have been anchored off Jose for over two months Venezuelan oil under U.S. pressure following payment complications from sanctions. U.S. President Donald Trump's national security adviser Spain's Repsol has suspended its swaps of refined John Bolton told Reuters last month the administration products for crude with Venezuela's state-run oil company was considering imposing sanctions on any PDVSA, people familiar with the matter said, as U.S. companies outside the United States that do business officials weigh penalties for foreign firms doing business with Venezuela. with Venezuela. On Wednesday in Miami, Bolton announced a series of The Spanish oil company has been swapping fuel and new sanctions against Cuba and Venezuela, ratcheting waiving payments due from a joint venture with PDVSA in up pressure on Maduro and the countries that support exchange for crude, even as the United States rolled out him. new sanctions aimed at ousting Venezuela's socialist In February, Spain imported some 75,920 barrels per day President Nicolas Maduro. (bpd) of Venezuelan oil, down from 84,650 bpd the month The arrangement made Repsol one of the OPEC- before, when arrivals were boosted by the Repsol- member nation's main fuel suppliers, alongside Russia's PDVSA swap. The European country imported an Rosneft and India's Reliance Industries, according to average of 12,630 bpd of the crude during 2018. three sources and vessel-tracking data. The Trump administration blames Maduro for a severe Aramco in talks to buy stake in refining business of economic crisis that has forced millions of Venezuelans to India's Reliance flee. The United States and dozens of other countries recognize Venezuelan opposition leader Juan Guaido as Saudi Aramco, the world's biggest oil producer, is in talks the nation's interim president. Maduro considers Guaido a to buy a stake of atleast 20 percent in the refining and U.S. puppet. petrochemicals businesses of India's Reliance Industries A final decision on whether Repsol will cancel the Ltd, sources familiar with the matter said on Venezuelan swap deal altogether, after it was first Wednesday. State-owned Aramco plans to boost arranged in late 2018, has not yet been made, the investments in refining and petrochemicals to secure new sources said. markets for its crude, and sees growth in chemicals as A Repsol spokesman declined to comment on the central to its downstream strategy to lessen the risk of a petroleum swaps. But one of the sources said the slowdown in oil demand. company had been communicating with the Trump Aramco's discussions with Reliance were for a roughly 20 administration through the U.S. embassy in Spain, which percent stake, one source said, adding that the current declined to comment. thinking was to create an entity covering that part of Repsol has said previously that it was complying with Reliance's refining, petrochemicals and marketing U.S. sanctions on PDVSA, which bar any use of the U.S. businesses. financial system or subsidiaries based in the United If the deal went ahead, it could mean a boost in Aramco's States for oil deals with Venezuela. crude oil supply to Reliance by possibly more than 50 Companies have been given until April 28 to wind down percent, the source added. their existing transactions. Another source said talks with Reliance were so far for a Repsol's most recent shipment of gasoline arrived in 25 percent stake. Venezuela on March 25 aboard the Torm Laura, "Reliance has offered an integrated deal - a stake in according to vessel-tracking data from Refinitiv Eikon and existing refineries and the planned 600,000 barrels per consulting firm Kpler. day (Jamnagar) refinery, along with petrochemical As of Wednesday, the Achilleas, a Suezmax tanker business," the second source said. chartered by Repsol, remained anchored off Venezuela's The Times of India reported earlier that Aramco was in Jose oil port, after loading about 1 million barrels of heavy talks to buy a stake of up to 25 percent, which could be crude on April 6, the Refinitiv data showed. worth around $10-15 billion, valuing the Indian company's Another Suezmax chartered by Repsol has been refining and petrochemicals businesses at some $55-60 anchored off Jose for at least a week after loading billion. Venezuelan oil, according to shipping sources and Aramco and Reliance declined to comment. Refinitiv data. Reliance, controlled by Asia's richest man, Mukesh The tankers are awaiting directions from Repsol before Ambani, is India's biggest refining and petrochemicals they set sail, according to one of the sources. company and runs a 1.4 million bpd refining complex at A separate group of 11 loaded tankers, chartered by U.S. Jamnagar in western India. It plans to expand capacity to firms Chevron Corp, Valero Energy and Citgo Petroleum 2 million bpd by 2030, according to plans shared with the (continued) Indian government. both in brewing and livestock feed. Last year, Aramco and the United Arab Emirates' national It exported 6.48 million tonnes in 2017, close to three- oil company ADNOC teamed up with state-run Indian quarters of China's roughly 8.86 million tonnes of imports refiners in a plan to build a 1.2 million bpd refinery and of the grain, worth about $1.5 billion, according to petrochemical project in Maharashtra state. Chinese customs. However, the planned refinery, which was initially The probes follow a period of tense relations between expected to cost $44 billion, faces delays, as thousands Australia and China, including allegations by Canberra of of farmers have refused to surrender land for it and the interference in domestic affairs, jostling for influence in Maharashtra government is looking to move the plant's the Pacific, and a move to block China's Huawei location. Technologies from building a 5G network. Saudi Crown Prince Mohammed bin Salman visited India GrainCorp also said ongoing drought in eastern Australia in February and said then that he expected investment "significantly" impacted summer crop production, opportunities worth more than $100 billion there over the especially sorghum. next two years. The adverse weather shows little sign of abating, with Ambani has travelled to Saudi Arabia at least twice since Australia's weather bureau forecasting a 70 percent December, discussing joint investment among other chance of an El Nino developing later this year, bringing issues with Saudi Energy Minister Khalid al-Falih and hot, dry weather across the country's east coast. Aramco's chief executive, Amin Nasser. The hit to earnings comes as GrainCorp plans a Nasser said in February that Aramco was in talks on significant restructuring after receiving a A$2.38 billion possible investments in Indian projects with companies takeover approach late last year. including Reliance. The company earlier this this month said it would separate into two, spinning off and listing its global Australia's GrainCorp flags $29 mln earnings hit as malting unit and restructuring its drought-hit grain China probes barley imports business. GrainCorp said at the time that it was still engaging with Australia's GrainCorp Ltd said on Thursday it will take a suitors vying for parts or all of the company. A$40 million ($28.7 million) hit to half-year earnings, blaming international trade tensions and a severe U.S. crude stockpiles drop unexpectedly last week - drought, sending its shares to a three-week low. EIA The country's largest listed agribusiness did not give further details, but industry sources said there had been a U.S. crude oil stockpiles fell unexpectedly last week as slowdown in Chinese demand for barley as Beijing imports dropped, while gasoline and distillate inventories considers whether to introduce tariffs on Australian decreased less than forecasts, the Energy Information supplies. Administration said on Wednesday. "The investigation has heightened uncertainty. China is Crude inventories fell by 1.4 million barrels in week to still unloading vessels but the market is concerned that April 12, compared with analysts' expectations for an tariffs could be introduced at any time," said one grain increase of 1.7 million barrels. A majority of the decline trader, who declined to be named as he is not authorised came from the Midwest region, where inventories fell 2.4 to talk to the media. million barrels to 135.3 million barrels. A spokesman for GrainCorp declined to comment. Net U.S. crude imports fell last week by 659,000 barrels In a statement to the Australian stock exchange, the per day (bpd). company said a disruption to grain trading conditions in Crude stocks at the Cushing, Oklahoma, delivery hub for the last six weeks to end-March would reduce expected U.S. crude futures fell by 1.54 million barrels, EIA said. half-year earnings before interest, tax, depreciation and Oil prices edged higher on the day as the markets amortisation (EBITDA) by A$40 million. focused on the inventory declines across the energy Shares in GrainCorp, which have been supported by complex. U.S. gasoline prices were up nearly 1 percent takeover activity, fell nearly 4 percent to their lowest since near the highest levels since October. March 28 before largely recovering to trade down 1.4 Gasoline stocks fell by 1.2 million barrels, less than percent at A$9.28. analysts' expectations in a Reuters poll for a 2.1 million- China late last year launched two probes into whether barrel drop. Australian barley was dumped into China, and whether Distillate stockpiles, which include diesel and heating oil, Canberra has subsidised sales - allegations widely seen fell 362,000 barrels, also not as much as forecasts for a as politically motivated.
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