Oil bound for Malaysia transferred ship to ship to beat bottleneck


The vessel had been waiting since February to load Venezuelan Boscan heavy crude, according to the data.

PUNTO FIJO, VENEZUELA/HOUSTON: Venezuelan state-run oil company PDVSA has completed its first ship-to-ship (STS) transfer designed to ease a severe bottleneck of tankers around its main crude ports, according to sources close to the operation and Reuters vessel tracking data.

PDVSA has notified customers in recent days that they must agree to load crude in Venezuela's open waters rather than its ports to avoid a possible declaration of force majeure that would temporarily interrupt some of its supply contracts.

The Suezmax tanker Sonangol Kalandula, bound for Tipco Asphalt's refinery in Kemaman, Malaysia, has not yet set sail.

The vessel had been waiting since February to load Venezuelan Boscan heavy crude, according to the data. - Reuters
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Kemaman , Malaysia , Venezuela , oil , bottleneck , ship ,

   

Next In Business News

Overall market stays bullish on Budget 2023 hopes, improved global sentiment
Thai headline CPI rises 6.41% y/y in Sept, less than forecast
Proton's sales exceed 100,000 units end-Sept 2022
BNM: Islamic financial sector must continue to advance amid global challenges
Shares in Hibiscus Petroleum up 10% on the back of capital reduction plan, oil price rally
Ringgit marginally higher on rising risk sentiment ahead of Budget 2023
Bursa rally picks up speed as global sentiment turns positive
Trading ideas: Hibiscus Petroleum, Dolomite, Econpile, Majuperak and MSM Malaysia
Consumer prices in Japan’s capital rise at fastest pace since 2014
Global metals volumes slide

Others Also Read