PdV completes key transshipment operation

Venezuelan state-owned PdV has completed its first ship-to-ship transfer operation in deep waters near the 940,000 b/d CRP refining complex in Paraguana, a PdV official and a shipping agent tell Argus.

The operation is an important milestone for PdV, which has shifted logistics into Venezuelan waters in recent weeks after US independent ConocoPhillips levied debt-related liens on its assets in the Dutch Caribbean, where it traditionally stored and transshipped cargoes for long-haul destinations.

PdV transshipped a cargo to the Bahamas-flagged 83,753t Sonangol Kalandula for delivery to Tipco's asphalt refinery in Malaysia, the executive said.

The Sonangol Kalandula had been anchored in Venezuelan waters since mid-February waiting for a cargo from PdV, which is contractually obligated to pay all demurrage costs, the executive added.

PdV is relying on STS transfer operations for now to reduce an export backlog of over 24mn bl of crude stocks currently in land and in floating storage off its main terminals.

Many shipping companies have been reluctant to engage in sophisticated logistical operations in Venezuelan waters because of a lack of safety and support services and equipment.