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Dutch Authorities Studying PDVSA Reply to Caribbean Oil-Facility Repair Demand

January 8, 2018 [Nasdaq] - Dutch authorities are evaluating Venezuelan state-run oil company's PDVSA's response on Friday to a demand to repair or close a decaying oil-storage facility on the Caribbean island of Bonaire, a spokeswoman said.



The terminal is a key PDVSA facility and its loss would hurt shipments to customers in Asia. The poor state of the terminal is another example of how Venezuela's lack of cash is damaging its ability to deliver the oil that accounts for more than 95 percent of its export revenue.

In December, the inspectorate told BOPEC it must detail a plan to repair deficiencies and provide the necessary financing or face a loss of its operating license.

Neither BOPEC nor its director responded to emailed requests for comment.

Sleutjes declined to provide details or say whether a financial commitment was provided in Friday's response. The review of BOPEC's filing "will certainly take a few days," the inspectorate said on its website.

If the ILT does not find the company's plan adequate, BOPEC would have until early February to start emptying the facility's storage tanks, or the ILT would do it at the company's expense, she said.

The dispute started a year ago when a remediation plan for the oil-storage terminal, including improvements to tanks, pipelines, piers and electrical equipment, was demanded by the government amid an accumulation of environmental liabilities.

BOPEC agreed to a $25 million investment plan early last year but failed to deliver the first payment needed to begin repairs. By late November, only five of the facility's 21 storage tanks remained in operation.

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Added to TankTerminals.com on: Monday, January 08, 2018 by Nasdaq.
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