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Wednesday, September 3, 2014
Venezuela is considering importing crude for the first time and Algeria is being considered to supply those imports. Algeria’s light crude would be used as a blending stock to boost sales of the South American country’s own extra heavy oil, according to a document from PDVSA seen by Reuters.
In an effort to make its crude more palatable to buyers, PDVSA has been buying a growing volume of refined products such as heavy naphtha to mix with its crude, this has been done as the extraction of domestic medium and light crudes, which had been used as diluents, declines.
Naphtha is currently being imported at open market prices which is hurting the state-run oil firm’s cash flow.
“The (PDVSA) commerce department evaluates a strategy of importing Saharan Blend from Algeria,” said the document that evaluated freight costs of crude imports.
PDVSA recently told its foreign partners in Venezuela that it is holding negotiations with Algeria’s state-run Sonatrach to make purchases of crude, a source close to the companies said according to Reuters.
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