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Venezuela buys oil again, this time to Petrochina

Venezuela buys oil again, this time to Petrochina

Posted by Dubraswka Aguilar on October 18, 2014

Petróleos de Venezuela (PDVSA) bought two cargoes of light crude Russian Ural to a unit of Petrochina, which will be dispatched from early November to the Island a refinery operated by PDVSA in Curacao, said operators to Reuters.

The shipments of about one million barrels each will become the second oil import that Venezuela makes in its history, after recently signing a supply contract with the Algerian state company Sonatrach to buy lightweight Saharan Blend crude.

The Algerian oil that PDVSA will receive this month at its terminal Jose will be used to dilute the extra heavy crude state oil extracted from the Orinoco Belt.

"The Russian crude will be processed in the Island refinery primarily to produce lubricants, but it has not been signed a supply contract, so PDVSA can buy other types of oil in the future," said one of the sources familiar with the agreement.

In the middle of a fall in the volume of production and export of PDVSA, the company was left without enough light crude to mix with extra-heavy crude produced in the Orinoco.

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