Caracas buying coke

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Caracas buying coke

Caracas, August 21, venezuelanalysis. According to Reuters , cement companies in India received , tonnes of petcoke between April and July, with cargoes of at least 80, more expected in August. The Asian giant started importing Venezuelan petcoke in after previously relying on the US and Saudi Arabia as suppliers. The South American nation has accumulated large stockpiles of petroleum coke, which is a byproduct of oil refining or upgrading. A study from the Venezuelan Academy of Physical, Mathematical and Natural Sciences found that every barrel of upgraded heavy crude from the Orinoco Oil Belt yields 25 kilos of petcoke. The high-carbon petroleum coke is used as an energy source from its combustion and its demand has grown amidst rising coal and fuel prices on a global scale. Though more expensive than coal, petcoke is a more efficient energy source. It is widely used by the cement industry as the toxic sulfur dioxide SO 2 emissions are absorbed by limestone. Ramco CFO S. Vaithiyanathan told Reuters that the product is of high quality and with low sulfur content as the Caribbean country threatens to displace traditional suppliers. Other significant buyers of the oil industry byproduct include Turkey and China. However, the operational logjam was alleviated with the opening of a new terminal operated by privately owned Maroil Trading. Industry experts claim that Venezuela could boost its market presence even further by addressing infrastructure deficiencies. The US Treasury Department likewise targeted swap agreements and key imports to keep crude operations running. Oil output fell dramatically as a consequence of the unilateral measures, from nearly 2 million barrels per day bpd in mid to decades lows under , bpd three years later. Output has hovered around , bpd and receded to , bpd in July. Caracas had previously turned to New Delhi as a prospective trade partner following the January oil embargo. However, the Trump administration threatened Indian corporations, including refining giant Reliance Industries, against dealing with Venezuela. The US Treasury Department has not explicitly targeted Venezuelan petrochemical and oil byproduct exports but has not issued exemptions either, forcing PDVSA to offer discounts in order to attract customers. The threat of running afoul of wide-reaching US sanctions has kept international corporations from purchasing Venezuelan petroleum coke. According to Argus Media , Turkish cement would not import from the Caribbean nation at discounted rates for fear of jeopardizing cement sales and other business with the US. Terms and Conditions - Privacy Policy. Skip to content. News Analysis Expand child menu Expand. Multimedia Expand child menu Expand.

Venezuela Increases Petcoke Exports to India

Caracas buying coke

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Caracas buying coke