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Title : Cathartes Aura Sinae Spotted Over Venezuela -- July 4, 2018
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Cathartes Aura Sinae Spotted Over Venezuela -- July 4, 2018

From a post dated February 27, 2018:

I was thinking about the vultures circling Venezuela. Over on Twitter there has been more and more chatter in the last couple of days regarding Citgo failing and Russia (Rosneft, specifically) getting ready to pounce. Then, earlier today a tweet suggesting that the US was ready to intervene to keep Russia from getting a toehold inside Venezuela. The tweet suggested that China wouldn't let Russia or the US get the booty without a fight.

So, early this afternoon, tweets suggesting that the US, Russia, and China were getting ready to go head-to-head/toe-to-toe on Venezuela or Citgo or some piece of either or both. It's complicated.

Now, tonight, on twitter again, this story from The [London] Financial Times: Swiss trader seeks go-ahead to buy Venezuea-Russia oil loan.

I said it was complicated.

Washington approval of the Swiss request could avert Russia (Rosneft) from taking over a stake in Citgo refineries in the US.

It looks like at least one vulture has landed, to the tune of $5 billion. From oilprice.com, "China throws Venezuela's oil iindustry a $5 billion lifeline."

China’s Development Bank has approved a US$5-billion loan for Venezuela’s oil industry, Bloomberg reports, quoting the troubled South American country’s Finance Minister Simon Zerpa.

“We’ve received the authorization for a direct investment of more than $250 million from China Development Bank to increase PDVSA production, and we’re already putting together financing for a special loan that China’s government is granting Venezuela for $5 billion for direct investments in production,” the official said.

The loan is literally a lifeline for PDVSA, which has been unable to stop an accelerating production decline resulting from years of mismanagement and a cash crunch brought about by the tightening grip of U.S. sanctions.

International Energy Agency figures suggest Venezuela produced an average 1.36 million barrels of oil daily last month. This is down from 2.9 million bpd five years ago. President Maduro vowed to increase production by 1 million bpd by the end of the year, but he admitted that the goal would be difficult to meet.

The Bloomberg article is here.

The vulture has tentatively been identified as a Cathartes aura sinae.

https://ift.tt/2dZyQXu

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