Al Jazeera reported on 8th July that Petroleos de Venezuela SA (PDVSA) has turned to several little-known buyers, mostly companies from China and India, according to Reuters, and to a small company based in Turkey with no refineries but ties to the government of President Maduro – Grupo Iveex Insaat started buying Venezuelan oil in April.  It is owned by Miguel Silva, a Venezuelan businessman who heads the Caracas-based Venezuelan Exporters’ Chamber and who also served as a housing ministry commissioner in Maduro’s administration.  It is said that Iveex Insaat loaded 4 cargoes of Venezuelan crude and products in April (equivalent to just under 8% of Venezuela’s oil exports).  The report also says that 2 other companies that only began chartering tankers to take PDVSA’s oil after sanctions hit are Panama-registered Melaj Offshore Corp and Sahara Energy, a unit of Nigeria-based Sahara Group.


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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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