2017 Enform Strategic Plan: Fill & Download for Free

China has been reforming its state-owned enterprises (SOEs) for the better part of the last four decades. And while they still may not be world-beaters as a group, SOEs are definitely more efficient today than they were in the past.It is still in the middle of a very long journey — the latest milestone being “mixed-ownership” reforms and the announcement of Alibaba and Tencent leading a consortium to invest $12 billion in and join the board of China Unicom Group. “Trust the Process,” as a certain former NBA GM might say …I did some research into the history of SOE reform in China because I thought understanding the last forty years would help put some perspective on where things stand today and inform how things may unfold over the next forty.I also came across a very interesting company that provided a glimpse of what the future may look like for some state-owned enterprises.Let’s start by jumping into a time machine.A Short History of SOE ReformIn the beginning … or in this case the late 70s … everything in China was state-owned. There was no such thing as private enterprise.The early Deng-inspired economic reforms were primarily focused on the agricultural sector and allowing private enterprises into the economy for the first time. But there was also a concerted effort to increase productivity at SOEs — especially in the industrial sector. For example, instead of handing over profits directly to the state, SOEs were allowed to retain some earnings and invest back into their businesses. They were given more autonomy in decision-making on production and resource allocation.But profitability was a big issue — which makes sense as many of these SOEs were losing their monopoly status in their respective industries and private enterprises were allowed to come in and start competing. Meanwhile, SOEs still served a huge social function — they increased payrolls to take on the rising flood of rural-to-urban migrants and were still expected to provide job security and worker benefits (i.e. the “Iron Rice Bowl”). Financial performance suffered and SOEs relied on ever-increasing levels of bank debt to continue operating.Major reforms proposed in November 1993 represented the next major milestone for SOEs. The “Grasping the large, letting go of the small (抓大放小)” strategy was put into full effect starting in the mid-90s. Under this strategy, small money-losing SOEs would be privatized or merged and were often converted into stock cooperative companies. Larger SOEs were retained by the state and underwent “corporatization” designed to delegate more authority to managers and align the interests of managers with stockholders.From 1996 to 2003 the number of state-owned industrial enterprises had fallen from 127,600 to 34,280 [1]. Some firms sought listings on China’s nascent stock exchanges while some even listed in Hong Kong or New York and allowed foreign investors to invest for the first time. But privatization and reform also led to a huge wave of layoffs and the end of the “Iron Rice Bowl”: Two-fifths of employees at SOEs lost their jobs and suddenly there were tens of millions of unemployed workers on the streets with certain regions like the industrial Northeast hardest hit.The survivors — less burdened by the bloated payrolls and massive pension liabilities — did well and some even thrived especially the ones in sectors where the State still largely retained monopoly power. In March 2003, SASAC (State-owned Assets Supervision and Administration Commission) was formed and tasked with overseeing the continued evolution of the two hundred or so largest SOEs with the objective of forming “national champions”.Over the next decade, reforms appeared to be paying off. Profitability of central SASAC SOEs “more than quintupled between 2002 and 2012” [1]. After a period of consolidation, large Chinese “national champions” started showing up on Fortune lists of the largest global firms. Even Warren Buffett himself got in on the action, investing $488 million in Petrochina in 2002 and eventually making an 8x return on his investment as Petrochina briefly became the world’s first trillion-dollar market cap company.But below the surface, some major problems were brewing.First, it was not clear whether improvement in the financial performance of certain SOEs was the result of improved productivity or whether it was because these SOEs were were merely enjoying the benefits of cheap financing, subsidized land and monopoly status.Second, as certain large SOEs got even bigger, they began to amass considerable financial and eventually, political power. “Absolute power corrupts absolutely” as a 19th-century British politician once remarked and China was no different — corruption seeped into the halls of numerous (if not most) SOEs in the first decade of the 21st century. A cadre of corrupt officials and executives, Macau casinos and luxury goods manufacturers benefited to the detriment of the masses.These issues exploded into public view as the internal party power struggle between Bo Xilai and Xi Jinping factions burst onto front page news in early 2012. One of Bo’s biggest allies was Zhou Yongkang (周永康) who rose to power through the state-controlled oil & gas sector eventually leading one of the largest SOEs in China National Petroleum. He was the largest “tiger” to be brought down by Xi Jinping’s anti-corruption campaign and when he was convicted in 2014, authorities said that they had been able to seize over $14 billion of assets from his family and associates. This gives you a sense of scale of what was going on.SOE reform figured prominently during the Third Plenum sessions in November 2013. A plan centered around “mixed-ownership” emerged in 2015 and a few large enterprises — including China Unicom — were picked to kick things off earlier this year.Which brings us to the present.Trust the ProcessEconomic reform in China has always been a gradual process and SOE reform has very much followed this style as well. Chinese government officials saw how “big bang liberalization” in post-Soviet Russia led to wholesale looting of the public sector. As I described in another answer about the Chinese vs. Soviet experience:At the same time, the collapse of the Soviet economy and bitter experience of the Russian people in the 1990s following its poorly implemented "big bang" style series of market-oriented liberalizations also served as a warning to Chinese policymakers that reforms had to occur gradually and at a measured pace. This is one reason why economic (and other) reforms in China often appear to follow a "two steps forward, one step back" type cadence.It was simply unrealistic to think that you can take what was once a former department of the Ministry of Posts and Communications and turn it into a world-class corporation overnight.But “gradual” does not imply that reform will happen in a nice, straight line. Instead, reform in China seems to follow a certain cadence:Strategize — a lot of brainstorming and discussion about the problems that need to exist and various approaches to address those issuesPlan — drawing up specific policy and lawsExperiment — picking several case studies and implementing there firstMass roll-out — learning from the initial case studies, improving the plan and rolling out en masseAs it relates to the latest set of SOE reforms — policymakers strategized about what to do with SOEs during the Third Plenum meetings in November 2013. A high-level set of goals was announced and SOE reform figured prominently on the list. Then in 2015, a more detailed plan was announced centered around the idea of “mixed ownership”. Then earlier this year, the first test cases were selected, with China Unicom being the most prominent one.This suggests that we are in the “Experiment” phase as of late 2017. Presumably, policymakers will look closely at the China Unicom experiment and see how they need to amend or tweak the rules … or even ditch the plan completely.Hik Who?In my building we were thinking about upgrading some of our various systems and our vendor presented different options for all the various components — but for security there was only one company he would recommend.“Half the cost and higher quality and reliability,” he said. “Hikvision.”“Hik who?” I thought to myself.I had never heard of this company before but that was a pretty strong endorsement so I looked into it.It turns out that Hikvision is the leader in video surveillance systems in China — incidentally one of the most surveilled countries on the planet — with around 35% market share. As my security consultant alluded to, it is starting to dominate overseas markets as well and now generates a third of its sales overseas. It is one of the innovation leaders in an industry that is in the middle of a transformation from a hardware-centric to software-oriented solution. Hikvision’s R&D team is 9,000 strong and the company has a proven track record of innovation, incentivizing employees with stock-based compensation and fostering an “internal startups” culture that sounds straight out of the official Silicon Valley playbook.It also turns out that Hikvision — officially “Hangzhou Hikvision Digital Technology Co. Ltd.” — is a Chinese state-owned enterprise.I bring up Hikvision because it is a real-world example that SOEs aren’t pre-destined to be inefficient lumbering beasts whose existence rests solely on having a state monopoly or benefiting from some protectionist policy. It is indication that SOEs can change and evolve and maybe even one day become world leaders on their own merits.Seeing how much Chinese SOEs have changed over the past four decades and seeing examples such as Hikvision that show the art of the possible in the future, my overall conclusion is that yes, I believe Chinese SOEs as a group can definitely get better and more efficient in the years to come.Notes:[1] Source: Markets over Mao: The Rise of Private Business in China by Nicholas Lardy

African Union currently doesn't have plans for a supranational state. However, under their blueprint long term ambitious Agenda 2063 plan, they are exploring to consolidate a constitutional draft of a Union Government by 2025 for African governments to share to the African populace to decide in a future referendum and a possible legal annexation ratification agreement of a creating a political pact by 2030–2034 which centers around the political union with African citizenship and passport, and the Union anthem and flag will be widely observed. There will also be direct elections of Members of Parliament to the Union legislative body and the President of the Union will be elected by universal suffrage where African citizens can vote for their continental president and government, and an entity that would be officially internationally recognised as a country by international bodies like the UN and by countries in the international community. This extends beyond the Abuja Treaty of 1991, under the African Union Sirte Declaration of 1999. With a domestication of all the continental government political institutions by 2045–2055. United States Of Africa will be in the works in the future, right after they consolidate the final pillar of the Economic treaty of Abuja 1991 creating a unified converged EU style economic system by 2028–34 e.g. African Economic Community with a Pan-African Parliament and a African Court of Justice with African Union laws put in place and merging all the Regional Economic Communities (RECs) across the continent e.g. ECOWAS - West Africa, COMESA - Central, East and Southern Africa, SADC - Southern Africa, EAC - East Africa etc.According to AU’s Agenda 2063 Framework document released in 2014:“Africa by 2063 will have realized the fulfilment of the founders’ dream or vision of a United Africa, a union of well-governed and democratic continent. The political unity of Africa will be the culmination of the integration process, including the free movement of people, the establishment of continental institutions, and full economic integration.By 2030, there will be consensus on the form of the continental unity and its underlying institutions. By 2045, all legal measures required for the formation of a United Africa will be in place with all its institutions (executive, legislative and Judicial). Regional, state and local governance structures will be appropriately reformed.There will be an African citizenship and passport, and the Union anthem and flag will be widely observed. There will also be direct election of Members of Parliament to the Union legislative body and the President of the Union will be elected by universal suffrage.As part of the political evolution to a United Africa, key economic institutions and frameworks, inter alia, the African Common Market (2025), Africa Monetary Union (2030), Africa Customs Union (2019) and Continental Free Trade Area (2017) will have been established as anchors of the governance structure of a United Africa.”http://www.un.org/en/africa/osaa...Under 31/201 pagesThe 2007 African Union Accra Declaration Treaty - Long term creation of a political integrated union. Where all the African leaders met in Accra, Ghana at an 2007 African Union summit.“2. We agree on the following steps to attaining the Union Government: a) to rationalize and strengthen the Regional Economic Communities, and harmonize their activities, in conformity with our earlier decision, so as to lead to the creation of an African Common Market, through the stages set in the Treaty Establishing the African Economic Community (Abuja Treaty), with are viewed and shorter timeframe to be agreed upon in order to accelerate the economic and, where possible, political integration;”Source:Accra Declaration on the Union Government of Africa AccraBack in 2006–2007 there was a study by Pan-Africanist study groups who worked with the African Union body, with the late Gaddafi, insight concepts of a single African state governance, looking at the United States model to the EU model and other indigenous models e.g. African traditional pre-colonial decentralised People/Village centred governance model.Source: “United States Of Africa By 2015?”https://issafrica.s3.amazonaws.c...The original schedule for the formation of this new nation, United Africa (Popular term, United States Of Africa) was back between 2015 and 2017. However, led to conflicts in 2009 and 2010 with African leaders and governments who were not ready to cede power, were in conflict with Gaddafi who wanted to fast track the African constitution to form the supranational African state.Second source from 2010, the last time some who were in favour, some African leaders discussed a possible timeline for the formation in 2017Speaking to journalists in the corridors of UN headquarters, President Wade said: "At the level of the African Union, we are planning to reach the United States of Africa by 2017", and in preparation for it "the AU will begin to install the architecture for a continental form of government beginning in 2010".The original schedule was planned in 2011 for the AU will meet to transform its commission into an authority, and thereby create the positions of president and vice presidents with specific continental roles, according to Amina S. Ali, the AU's ambassador to the United States. Which ended up being scrapped, when Gadaffi left his one year term, and conflict with the AU because he wanted more terms to push ahead the grand union which the body rejected his call. This was at the time for the last years before his death, he was disappointed at the African leaders and his own body he created which he was not in favour because he wanted a stronger body and a United Africa state sooner at the time of its treaty declaration back in 1999.United States of Africa by 2017With that….Carrington applauded the Second African-South American (ASA) summit held in Venezuela in September.The host, President Hugo Chavez, described the relationship between Africa and South America as one linked by "geography and blood". He said the ASA would work to combine the political and economic muscle of the AU and the Union of South American States (UN-ASUR) to use the mineral reserves of the two continents for the benefit of their own peoples."We have the largest reserves in strategic commodities," Chavez declared. "We will pursue a strategic agenda between 2010 and 2020 to control the resources of Africa and South America [because] only then will we earn the respect of the US and Europe and have a well-balanced world." Addressing the summit, the South African president, Jacob Zuma, said "South America can play a positive role in the development of Africa's enormous, yet under-exploited, potential, as can Africa in South America... The success of this relationship will play a key role in the long-awaited development of our two continents, as we make ever greater progress in eradicating poverty and underdevelopment."Which after that summit for the Second African-South American Summit. During and After the 2011 Libyan war, a SATO strategic alliance for United Africa state end up being a scrap for Africa future security that could rival NATO and United States. That also upset the neocons at Washington DC, London and Brussels. They didn’t want an independent large sovereign African state, controlling its own economy and resources which the west have to pay which they couldn’t afford with their debt based Bretton Woods economy.Study Debate by African Union back in 2009, For and Against United States Of Africa:https://www.arschmitz.com/papers...Towards A Union Government For Africa (January 2008)An african constitution? Study (Page 171)https://issafrica.s3.amazonaws.c...What hypothetically African constitution will have if Africa unites under a United Africa (United States Of Africa)United Africa (UA Constitution)the ‘third draft constitution of united Africa (the united States of Africa)’, which we shall call the uA draft constitution, was finalised in yaoundé, cameroon, on 25 May 2005 following the end of a collective endeavour that started formally in September 1999 but can be traced as far back as the mid-1990s.(A book entitled Confédération des Etats-Unis d’Afrique devoted a whole chapter to the subject (tadadjeu 1996).) It includes pertinent provisions of the 1963 OAU charter, the 1991 Abuja treaty establishing the African Economic community and the constitutive Act of the African union of 2000 (including its 2003 amendments). New provisions, i.e. provisions not contained in past texts of the OAU and the AU, constitute about one-third of the content of the UA draft constitution. this document is, therefore, a text that is essentially built on the gains of the OAU and AU.the document is made up of two parts, preceded by an introductory note on the motivations and methodological approach underlying the text. the first part deals with the political integration of the continent and includes the following innovations compared with existing OAU and AU texts:Associate membership to be accorded to the African diaspora (state or local) communities that apply for such status (article 3)the creation of appropriate natural, material and financial resources for the general management and development of the continent and its regions (chapter 6 in full)________172 An African constitution? ten hypotheses of what it should includeThe creation of a pan-African army as an extension and completion of the current initiative aimed at instituting an African Standby force as a permanent mechanism for bringing lasting peace and security to the continent (chapter 8 in full)2. The participation of political organisations (movements and parties) as major stakeholders in the process of building a united Africa (chapter 9)3. The regrouping of existing AU executive portfolios and their extension from ten to 15 (articles 22-23)It would be designed like the pre-colonial empires but with federation union of states observed by pan-Africanists.

Venezuela have (2018) over (25) refineries under their ownership, Joint Venture , lease or control; in USA, EUROPE, South America & Caribbeans; The Paraguana Refinery is the second largest in the world after Jamnagar Refinery India with daily production of 1.24 million barrels and it is owned by Reliance Industries, located in Gujarat.Un fuerte aumento en la demanda de destilados siguiendo las nuevas reglas de envío de combustible se desvanecerá rápidamente, dijo el lunes la Agencia Internacional de Energía.Las nuevas reglas implementadas por la Organización Marítima Internacional (OMI) reducirán significativamente la cantidad de azufre que las naves del mundo pueden quemar en sus motores a partir de 2020, lo que lleva a un aumento de casi un millón de barriles por día (bpd) en el gasoil a expensas de combustible de alto azufre.Si bien los buques pueden continuar quemando combustible con alto contenido de azufre si instalan depuradores y también pueden usar motores propulsados ​​por gas natural licuado o nuevas mezclas de combustible con bajo contenido de azufre, la falta de preparación ha llevado a la mayoría a esperar un aumento dramático en el consumo de gasoil marino. ya que es la opción más fácil disponible.Pero la IEA, en su pronóstico de cinco años, dijo que si bien el consumo de gasoil aumentará en cerca de 1 millón de bpd, a 1.7 millones de bpd en 2020, volverá a caer a solo 773,000 bpd para el 2023."Después de un fuerte aumento en 2020, la demanda marina de gasóleo volverá a sus niveles de 2019 para el final del pronóstico", dijo la AIE, y agregó que la mayoría de los transportistas recurrirá a nuevas ofertas de combustible al 0,5 por ciento a medida que se sientan más seguros de su calidad.La AIE también espera que los precios del gas oil aumenten en más del 20 por ciento en 2020, lo que, según dijo, reduciría la demanda en otros sectores.El cambio tendrá un impacto sísmico en la industria naviera y en las ganancias de los refinadores; muchas petroleras, como ExxonMobil y Total, ya han invertido en mejorar sus refinerías para producir más combustibles bajos en azufre, mientras que la casa comercial Gunvor también obtuvo permiso para actualizar su refinería de Rotterdam.** *PDVSA processes crude oil at 20 refineries: (5) in Venezuela (15 ) in the rest of the world.Refinación Petrolera – Grupo 3The Orinoco Oil Belt was divided into four main large areas: Boyacá, Junín, Ayacucho and Carabobo, and these were subsequently subdivided into 45 blocks (including the areas assigned to the Empresas Mixtas). These were quantified as a result of a joint effort between the CVP and the professionals of 24 companies of 19 countries that signed understanding agreements with the national government.During 2016, the total proved crude oil reserves increased by 2,273 million barrels [1,926 million barrels in 2015 and 2,615 million barrels in 2014], as summarized below (in millions of barrels): Year ended December 31, 2016 2015 2014 Ayacucho 2,535 683 784 Junín (1) (1,347) 14 - Boyacá 19 - - Carabobo 515 543 635 Traditional areas 551 649 1,137 Offshore - 37 59 Total incorporation of reserves 2,273 1,926 2,615CARACAS VENEZUELAAmuay, Cardón, El Palito y Puerto La Cruz: the (4) biggest refineries in Venezuela. They use a process for the heavy crude: procesamiento de nuestros crudos pesados (craqueo catalítico) Catalytic ctacker type: ejemplo mundial de eficiencia y seguridad;¿Qué las: nuevas refinerías?VENEZUELA REFINERIAS1-COMPLEJO REFINADOR PARAGUANÁ (CRP): Amuay2-REFINERIA Cardón3-REFINERÍA EL PALITO (Carabobo)4-REFINERÍA BAJO GRANDE (Zulia)5-REFINERÍA DE PUERTO LA CRUZ (Anzoátegui)6-REFINERÍA SAN ROQUE (Anzoátegui)7-Refinería Batalla de Santa Inés,8-Refineria de Cabruta,9-Refineria la del Zulia,10-Refineria de Caripito,11-( PetroPiar, S.A.),12-PetroCedeño, S.A.,13-Petromonagas, S.A.14-Petrolera Sinovensa, S.A.)La Refinería Batalla de Santa Inés (también conocida como Refinería Barinas) 100,000 barriles diarios de crudo será sometida a un escalamiento productivo en virtud de una estrategia de desarrollo de dos etapas. La primera fase incluirá el procesamiento de gasolina regular, diésel y petróleo, mientras que la segunda etapa sumará más capacidad para procesar gasolina premium, queroseno, combustible de aviación A-1 y GLP( Cable: 09CARACAS1465_a ) WIKI-LEAKSThe new refinery in Barinas, near the town of Santa Ines and that the original concept was to build a 120,000 b/d refinery.Frank Gyax (based in Puerto La Cruz). claimed that he personally convinced Minister Ramirez to divide the project into two phases, both with the capacity to process 60,000 b/d.Frank Gyax (CITGO Vice President for New Refineries, Upgraders, and Terminals) and his deputy, Ygor Martinez Acurero are the top peoples.NOTE: Crude oil production from the Barinas region is estimated around 75,000 b/d; it is not an area projected for significant new development. Barinas, is however, is President Chavez's home state.Gyax claimed that the Barinas refinery would ultimately absorb some production from the large extra heavy crude Orinoco heavy tar oil belt .100 megavatios (MW) (2017 ; for La Refinería Batalla de Santa Inés.En funcionamiento la planta eléctrica de 100 megavatios (MW) del Complejo Agroindustrial Santa Inés, ubicado en el estado Barinas y la cual aportará 60 megavatios al Sistema Eléctrico Nacional (SEN), de acuerdo con nota de prensa de la estatal Petróleos de Venezuela S.A.(Pdvsa).El traslado de los nuevos equipos (conformado por seis motores de 286 toneladas de peso cada uno, y que también fueron fabricados en Finlandia) están a cargo de Pdvsa y la empresa estatal china Sinohydro. Se trata de un trayecto de 550 kilómetros de navegación, a través de los ríos Orinoco y Apure, desde la población de Cabruta, estado Guárico, hasta Puerto de Nutrias, en Barinas. El recorrido fluvial se realizará a bordo de tres chalanas en un lapso de cuatro semanas, Esta planta, en la que el Estado venezolano invirtió más de 300 millones de dólares, atenderá la demanda eléctrica de la futura refinería Batalla de Santa Inés y del Complejo Agroindustrial Santa Inés. La obra se ejecuta como parte del Plan Siembra Petróleos de Venezuela..La petrolera estatal venezolana, PDVSA, suscribió un contrato de US $2.310mn con el consorcio de ingeniería Hyundai-Wison por la construcción de la primera etapa de la refinería Batalla de Santa Inés en el sureste del estado de Barinas, según un comunicado de la primera.Wison Engineering provee soluciones de construcción, procura y consultoría técnica para las industrias de petroquímicos y de petróleo. En Latinoamérica ha trabajado en proyectos con la petrolera estatal venezolana, PDVSA, entre ellos la Refinería Puerto La Cruz en 2013 y, recientemente, la Refinería Batalla de Santa Inés.En la primera fase de operación, el complejo producirá gasolina regular, diesel y combustible residual, mientras que en la segunda etapa se incluirá también gasolina premium, keroseno, combustible de aviación A-1 y gas licuado de petróleo (GLP).La Refinería "Batalla de Santa Inés", ubicada en el estado Barinas, producirá -una vez esté concluida- 100 mil barriles diários de crudo y abastecerá la demanda de combustible de los estados Barinas, Portuguesa, Táchira y Mérida.El proyecto forma parte Complejo Agro industrial "Batalla de Santa Inés",cuya estrategia "punti-círculo" permitirá consolidar un desarrollo social planificado, a partir de la utilización de sitios comunitarios "promisorios" adyacentes a la refinería, "para que los núcleos de población vayan creciendo y se vayan estableciendo".Así lo informó el sub gerente del proyecto, Efrain Lovera, quien además enfatizó la vinculación de la iniciativa con políticas que permiten trabajar en armonía con el medio ambiente. "Es compatible el proyecto con la preservación del medio ambiente y para ello hemos hecho todo el esfuerzo en obtener la oportunidad de utilizar esta tecnología francesa".El complejo será referencia mundial gracias a un convenio entre Petróleos de Venezuela (PDVSA) y la compañía Francesa Axens, por lo cual operará con tecnología de avanzada que permitirá producir crudo de alta calidad. La construcción de la Refinería Batalla de Santa Inés, con una capacidad de 100 MBD, permitirá suministrar combustible al mercado local de los estados Apure, Mérida, Portuguesa, Táchira y Barinas.“Esta nueva infraestructura petrolera se construirá bajo el esquema Hydroskimming para el procesamiento del crudo Guafita. En una segunda fase, procesará crudo pesado de la Faja. Actualmente, el equipo de profesionales de Pdvsa labora en la etapa de preparación del sitio donde hasta la fecha se han removido más de 2 millones de metros cúbicos de tierra”, informaron.————————————————————————————————-PUNTO FIJO, Venezuela/(Reuters) - Venezuela’s key Paraguana oil refining complex Amuay’s fluid catalytic cracker (FCC) restarted on Monday, the 645,000 barrel-per-day refinery was operating at only around 360,000 bpd as its flexicoker remained down confirmed union boss Ivan Freites.Amuay creoleLos proyectos de adecuación lo representa el Centro de Refinación Paraguaná (CRP), en el estado Falcón, donde se estima aumentar la capacidad de procesamiento de la Refinería Amuay en 110 MBD para conversión media y profunda de crudos de la Faja Petrolífera del Orinoco, que unido a todas las adecuaciones de las otras refinerías existentes, le permitirá al CRP a partir del 2019 consolidar su capacidad de exportación.Paraguaná Refining Center (CRP)AMUAY-CardonThe adjacent 310,000 bpd Cardon facility was processing around 110,000 bpd, added Freites, citing Monday’s internal report of Venezuela’s top refineries in the wind-swept Paraguana peninsula.Las refinerías Amuay y Cardón distribuyen el 75% del combustible del parque automotor venezolano,Amuay largest refinery in FalconPunto Fijo refineryPETROCEDEÑO (Pdvsa, Total, Statoil)San Diego de Cabrutica, Anzoátegui State, Venezuela / Capacity: Processing train: 95 MBPD de XHO. Water treatment Plant: 200.000 BAPD. Electricity Generation Unit: 25 MW. Gas de compression Unit. Water tank: 68.000 Bls. Low Pressure Flare: 120 MPCED. Control room and SCADA.La nueva regla 2020 establece un límite global de azufre de 0.50% en 2020 versus 3.5% permitido hoyRefinería Puerto La Cruz, al nororiente del país.Puerto La Cruz Refinery (RPLC) La refinería oriental ( Orinoco)Venezuela recibe 1.500 mln dlr para financiar proyecto en Refinería de Puerto La CruzINTEVEP, PEQUIVEN(PDVSA)Proyecto Conversión Profunda de la Refinería Puerto La Cruz,PDVSA - San Roque Oil Refinery : belongs to Complejo de Refinación Oriente with Puerto la Cruz Oil Refinery.San Roque Refinery, is using Disol technology to obtain microcrystalline paraffin from gas and increase the plant´s production. This technology, patented by Intevep, will add 50 metric tons of food grade paraffin to the current production of 43 metric tons per day.It will also supply the total domestic paraffin demand, thereby eliminating imports of this raw material and generating important savings for the nation. The plant process about 2 tons of paraffin per day. This project is extremely important because it is the first project related to hydrocarbon derivatives, our nation´s main strength.Oil Refinery : Petróleos de Venezuela SA (PDVSA) Santa Ana, Anzoátegui; San Roque RefineryInstalled Capacity: 5,800 barrels per day Products: ParaffinSanta Ana, AnzoáteguiPhone: +58 (281) 260 4530 (Puerto la Cruz Refinery)Web: http://www.pdvsa.comWikipedia: http://en.wikipedia.org/wiki/Petróleos_de_VenezuelaActivity Since: 1952Another project of similar magnitude is also on the works, namely the project to segregate paraffin crude jointly with PDVSA Gas. Once both projects are completed, the San Roque Refinery expects to raise its production capacity to 80 metric tons per day.This plan processes an average of 5,800 barrels of paraffin crude per day, is the only plant to supply paraffin in Latin America, and its current production is ranked fourth in the world. Furthermore, this refinery covers 74% of the nation´s paraffin demand and supplies roughly 76 clients, 98% of which are devoted to the production of candles, and the remaining 2% produces matches and wax polish.————————————————————————————————El Palito Refinery (RELPLa refinería El Palito, municipio Puerto Cabello del estado Carabobo ;El complejo refinador de petróleo, el cual abastece de combustible a 10 estados del centrooccidente venezolano, procesa 130.000 barriles diarios de crudo para el circuito nacional de refinaciónIt currently has a processing capacity of 140 MBD of medium grade crude. It is located in the state of Carabobo. In 2015,the volume of crude processed in RELP was 100 MBD.In addition, 103 MBD of inputs for processes and mixtures were received. With this level of crude and inputs, 203 MBD of products were obtained, of which 86 MBD correspond to gasoline and naphtha, 69 MBD to jet and distillate, 38 MBD to residual and 10 MBD to other products.Of the products obtained in this Refining Complex, 79% are destined to the local market and 21% to the export market, for countries in the Americas and AsiaDividida en cuatro zonas de exploración y producción: Boyacá (otrora Machete), Junín (Zuata), Ayacucho (Hamaca); y Carabobo (Cerro Negro), la gran reserva tiene en la petrolera venezolana PDVSA a su principal accionista.The Orinoco Oil Belt was divided into four main large areas: Boyacá, Junín, Ayacucho and Carabobo, and these were subsequently subdivided into 45 blocks (including the areas assigned to the Empresas Mixtas). These were quantified as a result of a joint effort between the CVP and the professionals of 24 companies of 19 countries that signed understanding agreements with the national government.Petropiar, S.A.,Negro-spiritual SAPetrocedeño, S.A.Petroritupano.SA.Petrozamora S.APetromonagas, S.A.,production of synthetic crude.Petrolera Sinovensa, S.A.,Petrodelta, S.A.,Petrolera Indovenezolana S.A,Petrourica, S.A.; 300 new oil well División Ayacucho;Petrozumano S.A.PetroCedeño, S.A.,Includes Petropiar, S.A. and others that produce diluted crude oil 16 °API (Merey Segregation). (2) Includes Petrodelta, S.A., Petrolera Sinovensa S.A., Petromongas, S.A., Petropiar, S.A., and Petroritupano. (3) Corresponds to transfer between Empresas Mixtas and PDVSA Petróleo [reserves assignment to Petrozamora S.A. Petrodelta, S.A., Petrolera Sinovensa S.A., Petromongas, S.A., Petropiar, S.A., and Negro-spiritual. (3) Corresponds to transfer between Empresas Mixtas and PDVSA Petróleo [reserves assignment to Petrozamora S.A.During 2016, the total proved crude oil reserves increased by 2,273 million barrels [1,926 million barrels in 2015 and 2,615 million barrels in 2014], as summarized below (in millions of barrels): Year ended December 31, 2016 2015 2014 Ayacucho 2,535 683 784 Junín (1) (1,347) 14 - Boyacá 19 - - Carabobo 515 543 635 Traditional areas 551 649 1,137 Offshore - 37 59 Total incorporation of reserves 2,273 1,926 2,615.;Petropiar ; Empresa mixta Petropiar de Petróleos de Venezuela,Petróleos de Venezuela, S.A. (PDVSA) concluyó con éxito la construcción de dos desaladores de crudo pertenecientes al Proyecto Conversión Profunda de la Refinería Puerto La Cruz, en el estado Anzoátegui, con el fin de optimizar el procesamiento de las reservas de crudo pesado y extrapesado de la Faja Petrolífera del Orinoco Hugo Chávez.La empresa mixta VHICOA, filial PDVSA Industrial, fue la responsable de fabricar en un lapso de 8 meses dos gigantescos recipientes cuyo peso total global alcanza 172 toneladas. Su función principal será sacarle el agua y la sal al crudo pesado de aproximadamente 8 grados API, mejor conocido como crudo Merey.Pequiven VENEZUELAFERNITRO VENEZUELACRAY PROJECT VENEZUELAACAY VENEZUELAACRO PROJECT VENEZUELAVINIL REFINERY PLANT VENEZUELAPETROMOR Petróleos de Venezuela, S.A. (PDVSA) concluyó con éxito la construcción de dos desaladores de crudo pertenecientes al Proyecto Conversión Profunda de la Refinería Puerto La Cruz, en el estado Anzoátegui, con el fin de optimizar el procesamiento de las reservas de crudo pesado y extrapesado de la Faja Petrolífera del Orinoco Hugo Chávez.Producción Temprana de Petromonagas (PDVSA/Rosneft),La empresa mixta VHICOA, filial PDVSA Industrial, fue la responsable de fabricar en un lapso de 8 meses dos gigantescos recipientes cuyo peso total global alcanza 172 toneladas. Su función principal será sacarle el agua y la sal al crudo pesado de aproximadamente 8 grados API, mejor conocido como crudo Merey. El proceso de fabricación de estas unidades en las instalaciones de VHICOA en Puerto Ordaz, estado Bolívar, se planificó por separado, ya que los especialistas iniciaron en paralelo la construcción de la plataforma o piso metálico y el cuerpo del recipiente, a fin de garantizar el ensamblaje de dos desaladores: el denominado “A” de 87,9 toneladas de peso y el “B” de 84,7 toneladas.En estos momentos, el equipo de PDVSA y VHICOA trabaja en la logística para el pronto traslado de estas dos grandes estructuras desde el muelle Alianza de VHICOA, en Ciudad Guayana hasta la Refinería Puerto La Cruz, al nororiente del país. Dicha logística incluye un recorrido fluvial y terrestre de equipos cuyas dimensiones totales, incluyendo las plataformas que los soportan son: 8.517 metros de ancho, 8,1 metros de alto, 37 metros de largo y 238 toneladas de peso….hasta el Puerto de Guanta, con un tiempo previsto de tres días de navegación.Producción Temprana de Petromonagas (PDVSA/Rosneft),PUERTO MIRANDA VENEZUELA—————————————————————————————The St. Eustatius terminal is one of the PDVSA ownedStorage tanks on the island of St. Eustatius, Caribbean—————————————————————————————————————-PDVSA Bonaire BOPEC NV / mixing & stotage for deep water oil; tankers for CHINA & INDIA / 10-million-barrel storage with extra large export terminal on the island of Bonaire,BORCO Berhing BAHAMASStorage and transhipment terminal is located on Grand Bahama Island.PDVSA Venezuela, has a nominal capacity of 971 MBD, and consists of refineries: Amuay (645 MBD), Cardón (310 MBD), located in the Paraguaná Peninsula, and the Bajo Grande refinery in Zulia state, with a capacity of 16 MBD, destined for the production of asphalt.The Eastern Refining Complex, located in Anzoátegui state, has a total processing capacity of 192 MBD of light and heavy crude. It consists of Puerto La Cruz Refinery, which has three main atmospheric distillers (DA- 1, DA-2 and DA-3) with processing capacity of 187 MBD, and San Roque Refinery (SRQ) (DA -4), which processes 5 MBD paraffinic crude, being the only paraffins in the country.Of the products obtained in this Refining Complex, 44% is destined for the local market and 56% for the export market in countries of the Caribbean, the Americas, Europe and Asia. In addition, the RPLC Deep Conversion project is being implemented, focusing on heavy and extra heavy oil processing of the Hugo Chávez Orinoco Oil Belt (FPO).The volume of crude processed in in 2015 was 587 MBD; 91 MBD of inputs for processes and mixtures were received. With this level of crude and inputs, 678 MBD of products were obtained, of which 175 MBD correspond to gasoline and naphtha, 207 MBD to jet and distillate, 177 MBD to residual, 14 MBD to asphalts, 5 MBD to lubricants and 100 MBD to other products.Of the products obtained in CRP, 55% go to the domestic market and 45% to the export market, with products dispatched to the Caribbean, Central and South American countries, Europe and Africa. A new pipeline is in the works to carry production from the limited facilities at Caripito, in San Juan, to Guiria in the Sucra state. In Sucra, PDVSA is building a new processing facility with greater capacity that will be available to all the company's partners.China-Venezuela Mixed Agreements signing On February 13, 2017, the China-Venezuela Mixed JOINT VENTURESThe agreements, endorsed by PDVSA, include the memorandum of understanding of PDVSA’s participation in the Nahai Refinery construction project in China; the engineering, procurement and facilities construction contract to increase extra heavy crude oil production in the facilities of the Empresa Mixta Petrolera Sinovensa, S.A.; the memorandum of understanding for the development of the Petrozumano S.A. Empresa Mixta; and the financing provided by the China Development Bank as part of the Special Fund for oil projects. In the same way, agreements include the memorandum of understanding for a well exploitation pilot test work plan or the Empresa Mixta Petrourica, S.A.; the constitution of the Empresa Mixta Venezolana de Mantenimientos Especializados Remensa, S.A. (VEMESA); the constitution of a Empresa Mixta between PDVSA and Shandong Kerui Chinese company to develop maintenance capacities for the provision of specialized services; and the memorandum of understanding between PDVSA and Shanghai for the corporate insurance and reinsurance program of PDVSA and its subsidiaries—————————————————————————————————Island Refinery CuracaoLocated in Curacao, it was built in 1915 and began operations in 1918. In 1985, PDVSA took over refinery operations through a lease with the Curacao government for a period of 20 years. In 1994, an extension of the lease was agreed until 2019.Isla Refinery has a nominal capacity of 335 MBD; it processes light and heavy Venezuelan crude. The products obtained are mainly supplied to the Caribbean and Central America, while a small portion is delivered to Curacao. The Isla Refinery has a Lubricants Complex for the production of paraffinic and naphthenic bases.PDVSA ISLA Refinery CuracaoCitgo Aruba, Refinery : Storage and blending terminal on Aruba, operated by PDVSA’s / U.S. division CITGO.Crude blend supplies to the United States and Asia could also be sustained if PDVSA’s partners, including U.S. Chevron , Russia’s Rosneft , Spain’s Repsol and China’s CNPC, step in to secure more diluents, as PDVSA has already asked them to do.PDVSA : Republica Dominicana; : REFIDOMSA -RefineryPETROJAM JAMAICAPreviously to be executed by joint funding from Jamaica, Venezuela, and general contractor Sinohydro Corp. Ltd. of China, the proposed $1-billion Petrojam Refinery Upgrade Project (PRUP) seeks to expand the hydroskimming plant into a full-conversion, 50,000-b/d refinery, and alongside the new VDU, was to include upgrades to the refinery’s existing crude distillation, gas recovery, and kerosine hydrotreating units, as well as the addition new unit capacities .PDVSA; Jamaica: Petrojam Ltd RefineryPetrojam Limited - Kingston RefineryOn August 14, 2006, under the PETROCARIBE Agreement, the partnership agreement between PDV Caribe and the Petroleum Corporation of Jamaica (PCJ) was signed; it was consolidated on January 30, 2008 with the creation of the joint venture Petrojam Ltd (PCJ 51%, PDV Caribe 49%).The Kingston Refinery is located in the Port of Kingston, and since 1993 it has operated profitably in an unregulated and competitive market. The refinery has an installed capacity of 35 MBD. In 2015, the volume of crude processed was 22 MBD, with 3 MBD of gasoline and naphtha, 5 MBD of jet and distillates, 12 MBD of waste and 2 MBD of other products and specialties.PDVSA Cuba -Petroleo Refinery (CUPET ) Cienfuegos CUBAPDVSA trabajaba en la conversión de la planta, los productos de la misma servirían para el consumo interno y las ventas externas de PDVSA, una vez terminado la estatal venezolana también culminaría su participación en la refinería. PDVSA había cedido su participación accionaria, comentó "que la refinería de Cienfuegos trabajó como una instalación arrendada, cuya contraprestación consistía en el desarrollo del proyecto de Conversión Media, con el objetivo de que la refinería procesara crudos de distintos grados API, toda vez que el mercado interno venezolano se beneficiaba de los distintos productos de la refinería".La culminación de un proyecto que desde 2005 tenía como objetivo modernizar la planta de Cienfuegos a cambio de elevar la cantidad de productos derivados en el mercado interno venezolano. De las fases de ese proyecto dependía la participación de PDVSA dentro de la empresa mixta, su papel de acompañamiento técnico fue cerrado satisfactoriamente dejando beneficios para ambos países.Cuvenpetrol, S.A. -Camilo Cienfuegos RefineryVenezuela works together with Cuba Petróleo (CUPET) to increase the potential of the Caribbean energy market, in exploration and production (upstream), as well as refining and marketing (downstream) processes, to promote the social progress of the Caribbean and Central American peoples through free and democratic access to energy at a fair and reasonable price.In 2015, the volume of crude processed was 178 MBD; 5 MBD of inputs for processes and mixtures were received. With this level of crude and inputs, 183 MBD of products were obtained, of which 51 MBD corresponds to gasoline and naphtha, 53 MBD to jet and distillate, 57 MBD to residual, 2 MBD to asphalt, MBD to lubricants and 17 MBD of others products. Operationally, the inputs and products of the Isla Refinery are accounted for within the International Refining System and exchanged with the National Refining System, so the volumes of both systems are not added directly. • Cuvenpetrol, S.A. -Camilo Cienfuegos RefineryOn April 10, 2006, the joint venture PDV Cupet, S.A., was set up to purchase, store, refine and market hydrocarbons and their derivatives. It consists of Comercial Cupet, S.A. (51%) and PDVSA Cuba, S.A. (49%). In 2009, it became the joint venture Cuvenpetrol, SA, with the strategic objective of developing an energy hub in the Republic of Cuba by increasing the refining capacity to obtain high quality finished products using deep conversion and generating inputs for the development of the petrochemical industry. The joint venture implemented the Cienfuegos Refinery Reactivation Project in December 2007, with capacity to process 65 MBD of crude oil.——————————————————————————————————CITGO owns oil refineries in Corpus Christi, Texas; Lake Charles, La.; and Lemont, Ill. Through CITGO and its three refineries, the Venezuelan government is the largest foreign owner of U.S. domestic refinery capacity. The refineries account for about 4% of domestic fuel capacity and are major suppliers of gasoline, diesel and jet fuel through a network of pipelines and terminals across 24 states. Independent CITGO-branded retail marketers sell motor fuels through approximately 6,000 gas stations and convenience stores in 30 U.S. states.State-run oil company Petroleos de Venezuela SA (PDVSA), owner of CITGO Petroleum Inc., has appealed the court ruling that would allow defunct Canadian mining company Crystallex International Corp., Toronto, to seize shares of CITGO in payment of a $1.2 billion debt, reported Agence France-Presse (AFP).August 06, 2014CARACAS, Venezuela -- Venezuelan state oil company Petróleos de Venezuela SA (PDVSA) will sell North American unit CITGO Petroleum Corp. if it receives a good offer, Petroleum Minister Rafael Ramirez told reporters on Tuesday, reported Reuters.CITGO has three U.S. refineries with combined capacity of approximately 750,000 barrels per day. They are in Lemont, Ill., Lake Charles, La., and Corpus Christi, Texas."As soon as we receive a proposal that serves our interests, we will exit CITGO," Ramirez said during a celebration of the 100th anniversary of Venezuela's oil production. "This is not something simple like deciding to take off a jacket, this is an issue that we're working on."As reported in a 21st Century Smoke/CSP Daily News Flash, CITGO-branded marketers sell motor fuels through approximately 6,000 gas stations in nearly 30 states.It may be difficult to find a single buyer for all of CITGO's assets as two of the refineries are geared to run heavy crudes from Venezuela and U.S. refining companies are trying to maximize profits by buying cheap domestic light crudes, refinery experts told the news agency.Analysts added that Lemont, the only CITGO refinery that does not process Venezuelan heavy crudes, may be the easiest to sell because of its location in proximity to inexpensive Canadian crudes.CITGO also owns a network of terminals and pipelines that would be highly attractive as demand for energy infrastructure rises on surging output of domestic crudeCITGO USA:Citgo had sales of $42.3 billion last year and earnings before interest, taxes, depreciation and amortization of $1.8 billion, according to the bond prospectus.The refining business is very strong, especially in the Midwest, where there is a lot of gasoline consumption,Owns and operates three highly complex crude oil refineries located in Lake Charles, Louisiana (425,000 barrels per day [BPD]), Lemont, Illinois (167,000 BPD) and Corpus Christi, Texas (157,000 BPD). These refineries process approximately 285,000 BPD of Venezuelan crude, including supplies from upgraders in the Orinoco Oil Belt. The combined aggregate crude oil refining capacity of 749,000 BPD places CITGO as one of the largest refiners in the United States. The company owns and / or operates 48 terminals of petroleum products, one of the largest networks in the country.Here is the breakdown of all 13 USA refineries that used Venezuelan crude in 2016, in order of descending amount of crude processed:PDVSA JOINT VENTURES UNDER THE PETROCARIBE AGREEMENT• Antigua and Barbuda: WEST INDIES OIL COMPANY LTD. (PDV Caribe, S.A. 25%, Government of Antigua and Barbuda 51% and Fancy Bridge Ltd. 24%).• Belize: ALBA Petrocaribe Belize Energy Ltd. (PDV Caribe, S.A. 55% and Belize Petroleum and Energy Ltd. 45%).• Dominica: PDV Caribe Dominica Ltd. (PDV Caribe, S.A. 55% and Dominica National Petroleum Company Ltd. 45%)• Grenada: PDV Grenada Ltd. (PDV Caribe, S.A. 55% and Petrocaribe Grenada Ltd. 45%).• Jamaica: Petrojam Ltd. REFINERY(PDV Caribe, S.A. 49% and Petroleum Corporation of Jamaica 51%).• Nicaragua: ALBA de Nicaragua, S.A. ALBANISA ( PDV Caribe, S.A. 51% and PETRONIC 49%).• Dominican Republic: REFIDOMSA - PDVSA REFINERY(PDV Caribe, S.A. 49% and Dominican State 51%).•Saint Kitts and Nevis: PDV St. Kitts Nevis Ltd. (PDV Caribe, S.A. 55% and St. Kitts Nevis Energy Company Ltd. 45%).•Saint Vincent and the Grenadines: PDV Saint Vincent and The Grenadines Limited (PDV Caribe, S.A. 55% and Petrocaribe St. Vincent and The Grenadines SVG Ltd. 45%).• El Salvador: ALBA Petróleos de El Salvador (PDV Caribe, S.A. 60% and the Asociación Intermunicipal Energía para El Salvador ENEPASA 40%).• Haiti: SOCIETE D´INVESTISSEMENT PETION BOLIVAR, S.A. (Petión-Bolívar) (PDV Caribe, S.A. 51% and Haitian State 49%).•Suriname: PDV SURINAME, N.V. (PDV Caribe, S.A. 50% and SURFUEL, N.V. 50%).Europe: (4) REFINERIES ; Operating AgreementsPDVSA : 27 companies from nine countries1-Sweden Nynashamn refinery2-Belgium (Antwerp)3-Dundee, Scotland,4-Harburg unit was transferred from Shell to Nynas,Petróleos de Venezuela SA (PDVSA). Nynas, which is a 50 per cent PDVSA subsidiary. At the same time, a 100 per cent PDVSA owned and 100% US-based CITGO company .Nynas made substantial investments in upgrading our Nynashamn refinery and in purchasing and converting the Harburg refinery in Germany. By 2017 we had significantly strengthened our ability to ensure a reliable supply of naphthenic oils and bitumen. We have a supply network that is strategically located around the world, to facilitate prompt and reliable customer deliveries. This supports us as we expand into growing markets.The products are sold in markets worldwide.Nynas has approximately 1,000 employees at four production facilities and 27 sales offices. Sales in 2017 amounted to SEK 15.0 billionAB NYNÄS PETROLEUMThree REFINERY – Nynäshamn, Gothenburg and Harburg – are owned by NynasPDVSA and Neste Oil Corporation of Finland have 50% each of AB Nynäs Petroleum, which operates refineries in Sweden, Belgium ,Germany and the United Kingdom & Scotland.Venezuela’s state oil company PDVSA and Neste Oil are 50-50 partners in Nynas AB, which runs four refineries with a combined capacity of 67,000 barrels per day (bpd).They include Sweden’s Nynaeshamn and Gothenburg facilities, Harburg Germany, England, Scotland, which mostly use Venezuelan crude paraffin to make bitumen and naphthenic specialty products.PDVSA, through its partnership with AB Nynäs, the corporation is increasing its share of the Western European asphalt market. This company owns two refineries: one in Sweden (Nynashamn), another in Belgium (Antwerp), Germany (Hamburg) and a pair in the United Kingdom, specifically in Dundee, Scotland, and Eastland England. It processes an average of 30,000 barrels of crude per day.http://www.pdvsa.com/index.php?option=com_content&view=article&id=6550&Itemid=903&lang=enPDVSA - San Roque Oil RefinerySan Roque Refinery - A Barrel FullSan Roque Refinery incorporates technology to increase productionRefinería "Batalla de Santa Inés" procesará 100 mil barriles diarios de crudoConstrucción de nueva refinería en Venezuela concluirá en noviembre - Construcción Pan-AmericanaRefinería de Puerto La Cruz muestra un avance de 51%Venezuela recibe 1.500 mln dlr para financiar proyecto en Refinería de Puerto La Cruzhttps://www.nynas.com/globalassets/investor-relations/nynas-annual-report-2017.pdf8Our refineriesServing Jamaica's Energy NeedsPDVSA launches strategy to attract private sectorVenezuela oil refineries face operating woes, PDVSA launches tendershttp://www.pdvsa.com/images/pdf/estado_financiero/pdvsa_ef_ingles_16.pdfRefinación Petrolera – Grupo 3Venezuela loses US refinery as ConocoPhillips ICC award enforced in US courtVerdades y manipulaciones en torno a la refinería de CienfuegosRadio Habana CubaRegión oriental de Venezuela: historia, estados, costumbres, culturaTopics by WorldWideScience.orgVenezuela’s PdVSA seeks over $10 billion in sale of Citgo refining businessPDVSA and ConocoPhillips Reach New, Positive SettlementConocoPhillips signs $2 billion settlement with PDVSA*** Many refineries are no longer under the ownership and or management of PDVSA,1-PDVSA Heiss Virgin Island :PDVSA Virgin Islands, has a 50% stake in the HOVENSA Refinery, located in the US Virgin Islands, in partnership with Hess Corporation; it has a refining capacity of 495 MBD. Hovensa closed operations in February 2012, to operate as a storage terminal for products. In September 2015, HOVENSA began a sale process, pending to cover some claims by the debtors and environmental guarantees to close the sale process, which is expected to materialize in 2016.http://www.pdvsa.com/index.php?option=com_content&view=article&id=6550&Itemid=903&lang=en2-50% of Ruhr Oel GmbH 05 May 2011 /Rosneft announced today that it has closed its acquisition of 50% of Ruhr Oel GmbH from the Venezuelan state oil company Petróleos de Venezuela S.A. (PDVSA).Rosneft Acquires 50% of Ruhr Oel GmbH3-Cuvenpetrol Cuba ( CUPET) Cienfuegos Refinery : Cuba fully operates oil refinery formerly managed in joint venture with Venezuela / refinería de petróleo Camilo Cienfuegos, ubicada en la región centro-sur de CubaRadio Habana Cuba4-PDVSA Conoco Phillips : Venezuela loses US refinery as ConocoPhillips ICC award enforced in US court5-http://www.fao.org/3/a-i4918e.pdf6-BusinessGrenada.com Issue: 6 2013 -20147-http://www.sela.org/media/1950653/evolution-of-petrocaribe.pdf8-http://www.sirronaldsanders.com/Docs/Venezuela%20in%20the%20Caribbean%20-%20Expanding%20its%20sphere%20of%20influence.pdf9-The Waning of Petrocaribe? - Central America and Caribbean Energy in Transition10-https://www.nodal.am/petrocaribe/11-For additional background on Petrocaribe, see David Goldwyn and Cory Gill, “Uncertain Energy: The Caribbean’s Gamble with Venezuela,” Atlantic Council, July 16, 2014, http://www.atlanticcouncil.org/images/files/Petrocaribe_RDO_18.pdf.12 Petrocaribe’s initial thirteen signatories included Antigua and Barbuda, the Bahamas, Belize, Cuba, Dominica, the Dominican Republic, Granada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, and Suriname.13 The text of this agreement can be read at the following link: http://www.mpdc.es/components/com_mtree/attachment.php?link_id=528&cf_id=39.14 Jorge Piñon, “Petrocaribe: A Supply-Demand Analysis,” University of Texas — Austin Jackson School of Geosciences Latin America and Caribbean Program, Presented by Jorge Piñon in Doral, Florida, June 16, 2014, slide 6.115 “Regional Economic Outlook: Western Hemisphere,” International Monetary Fund, April 2014, http://www.imf.org/external/pubs/ft/reo/2014/whd/eng/pdf/wreo0414.pdf.16 Jed Bailey, Nils Janson, and Ramon Espinasa, Natural Gas in the Caribbean – Feasibility Studies (Volume 1), Inter-American Development Bank, June 30, 2015, http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=39205253, pp 14-15;17 Petrocaribe is cited among the factors that have limited the OAS’s capacity to take a principled stand against the Venezuelan regime’s gross human rights violations and persecution of the political opposition, as exemplified by the weak March 2014 OAS resolution that expressed solidarity with Caracas’ efforts to address political turmoil despite the regime’s systemic crackdown against the political opposition. Francisco Toro, “The Petrocaribe Trap,” Caracas Chronicles, March 31, 2014, http://caracaschronidcles.com/2014/03/31/the-petrocaribe-trap/.18 “IMF19 Sara Schaefer Muñoz, “Venezuelans Get Fridays Off in Government’s Latest Bid to Save Energy,” Wall Street Journal, April 7, 2016, http://www.wsj.com/articles/venezuelans-get-fridays-off-in-governments-latest-bid-to-save-energy-1460058607.20 “Moody’s changes outlook on Venezuela’s Caa3 rating to negative from stable; Caa3 rating affirmed” Moody’s Investors Service, March 4, 2016, https://www.moodys.com/research/--PR_344436; “S&P Says Venezuela Has Heightened Risk of Default” Latin America Herald Tribune, February 29, 2016, http://www.laht.com/article.asp?CategoryId=10717&ArticleId=2406806.21 Katia Porzecanski and Allan Lopez, “Jamaica Sells $2 Billion in Bonds to Repay Petrocaribe Debt,” Bloomberg News, July 23, 2015, http://www.bloomberg.com/news/articles/2015-07-23/jamaica-planning-1-5-billion-bond-sale-to-pay-petrocaribe-debt; Ezra Fieser, “Venezuela Gets $1.9 Billion as Dominican Republic Pays Debt,” Bloomberg News, January 29, 2015, http://www.bloomberg.com/news/articles/2015-01-30/dominican-republic-taps-1-9-billion-to-pay-venezuelan-oil-debt.22 Indeed, there are growing fears that PDVSA, whose finances have been thrown into further disarray as its revenues are limited by low prices, will default on the around $5.2 billion owed to bondholders in 2016. For more analysis, see Marianna Párraga, “Deepening default fears cast shadow over Venezuela’s oil flows,” Reuters, February 27, 2016, http://www.reuters.com/article/us-oil-pdvsa-debt-analysis-idUSKCN0W00DA.23 Carlos Camacho, “Reckless giveaway of Venezuela’s oil needs to stop, opposition says,” Fox News Latino, December 28, 2015, http://latino.foxnews.com/latino/money/2015/12/28/reckless-giveaway-venezuelas-oil-needs-to-stop-opposition-says/.24 More detail on changes to the process is available at the following link, http://www.brookings.edu/research/articles/2014/06/10-doe-approving-lng-export-goldwyn-hendrix.25 For more information, see “FACT SHEET: U.S.-CARICOM Summit – Deepening Energy Cooperation,” April 9, 2015, https://www.whitehouse.gov/the-press-office/2015/04/09/fact-sheet-us-caricom-summit-deepening-energy- ooperation.