Venezuela watch: Oil pit recovery, OPEC, PDVSA resignation, fuel program

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Wednesday, June 11, 2014

Venezuelan state oil firm PDVSA designed an environmental recovery plan for a large oil waste pit located near the Puerto La Cruz refinery in northeastern Anzoátegui state, a PDVSA release said.

Some 13,243m3 of clean soil has been employed in the year-long recovery process.

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The area is intended for use in the expansion of the nearby Alberto Lovera thermoelectric plant, PDVSA said.

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OPEC ministers agreed to keep the oil cartel's production cap at 30Mb/d during a meeting on Wednesday.

Prior to the meeting, Venezuela oil minister and president of PDVSA Rafael Ramírez said that OPEC should leave its petroleum production limit unchanged in order to maintain market stability, according to a PDVSA release.

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Venezuela's planning minister Jorge Giordani has stepped down from his role on the board of directors of both PDVSA and Venezuela's central bank, local media reported.

Giordani will continue as Venezuela's planning minister, while finance and public banking minister Rodolfo Marcos Torres will assume his positions on the boards of PDVSA and the central bank.

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The Venezuelan government, through the agriculture ministry and petroleum and mining ministry, has set up a program to provide fuel to farmers in the western state of Barinas.

An initial phase will begin in the municipality of Obispos before being launched in other parts of Barinas, state news agency AVN reported.

In Obispos, fuel will be distributed to registered farmers through local firm Depósitos del Llano to ensure the fuel is used for farming and not smuggled into neighboring countries for higher prices.