Stay updated with breaking news from Petroleum bravo. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
China Imports Oil Doctored to Skirt U.S. Sanctions on Venezuela swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.
It may be the oil market s worst-kept secret. (Bloomberg) It may be the oil market’s worst-kept secret: Millions of barrels of Venezuelan heavy crude, embargoed by the U.S., have been surreptitiously going to China. The cat-and-mouse games that avoid detection and sanctions include ship-to-ship transfers, shell companies and silenced satellite signals. But there’s another aspect to the dodge. It involves “doping” the oil with chemical additives and changing its name in the paperwork so it can be sold as a wholly different crude without a trace of its Venezuelan roots. Invoices and emails reviewed by Bloomberg show the lengths to which some traders will go to disguise the crude’s origin and get it to Asia, making Chinese refineries an essential lifeline for Venezuela’s battered oil industry. U.S. officials, of course, can’t ban Chinese or any international companies from buying Venezuelan oil. They can financially squeeze them, though, by prohibiting th ....
Doctored and Rebranded Oil Blacklisted by U.S. Winds Up in China This content was published on January 22, 2021 - 11:00 January 22, 2021 - 11:00 (Bloomberg) It may be the oil market’s worst-kept secret: Millions of barrels of Venezuelan heavy crude, embargoed by the U.S., have been surreptitiously going to China. The cat-and-mouse games that avoid detection and sanctions include ship-to-ship transfers, shell companies and silenced satellite signals. But there’s another aspect to the dodge. It involves “doping” the oil with chemical additives and changing its name in the paperwork so it can be sold as a wholly different crude without a trace of its Venezuelan roots. ....