Olje og Energi

Flipper
04.12.2018 kl 17:19 1492

PDVSA and VZ: twin black holes collapsing inward on each other

Skilled workers do not earn enough to pay for food.

Their homes are suffering extended-blackouts.

Their cars do not have gasoline.

Many skilled workers are leaving or have left the country for a life elsewhere.

Refineries do not have needed parts and are operating at about 20% of capacity.

PDVSA cannot get new lines of credit as it has burnt all its bridges with creditors. The only loan that VZ/PDVSA is attempting to pay is the one needed to save Citgo from imminent seizure by creditors. China and Russia are not being repaid fully in crude because production is falling fast.

Even loading ships with (declining amounts of) crude has become very problematic.

VZ/PVDSA have run out of other peoples’ money and there is nothing left to steal or hock. VZ/PDVSA's production decline is rapidly accelerating into a black hole.

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