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Energy company owner pleads guilty in Venezuela bribery case

HOUSTON (AP) — The owner of several U.S. energy companies pleaded guilty Thursday to bribery and tax charges in what federal authorities say was a scheme to secure millions of dollars in contracts from Venezuela’s state-owned energy company. U.S. District Judge Gray Miller set a Sept. 30 sentencing for Roberto Enrique Rincon Fernandez, of The Woodlands. He faces up to ...

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Standoff, dying economy drive Venezuelan crisis

Venezuela

Venezuela is being wracked by an increasingly belligerent standoff between the government and opposition, while many Venezuelans are becoming fed up with a floundering economy marked by long lines for food and the world’s highest inflation. President Nicolas Maduro has declared a state of emergency to let him deal with the economy by decree, but the opposition is vowing to ...

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Aruba, Citgo negotiate deal to reopen shuttered oil refinery

Aruba, oil refinery, Citgo

SAN JUAN, Puerto Rico (AP) — The Aruban government and Venezuela’s Citgo Petroleum Corp. are finalizing an agreement to reopen an oil refinery that has been shuttered since 2009. Aruban Energy Minister Mike de Mesa says the accord calls for the rehabilitation of the facility and provides the U.S.-based subsidiary of Venezuelan state oil company PDVSA with a 15-year operational ...

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Venezuela orders 2-day work week to stave off power crisis

Venezuela orders 2-day work week to stave off power crisis

CARACAS, Venezuela (AP) — Venezuela’s public employees will work only on Monday and Tuesday as the country grapples with a power crisis. President Nicolas Maduro announced Tuesday that the government was slashing working hours for at least two weeks in a bid to save energy. He said the water level behind the nation’s largest dam has fallen to near its ...

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Cuckoo clocks? Venezuela shifting time hoping to save energy

Cuckoo clocks? Venezuela shifting time hoping to save energy

CARACAS, Venezuela (AP) — Venezuela’s government is changing the clock again as part of its efforts to stave off an electricity crisis. The move comes nine years after former President Hugo Chavez created Venezuela’s own, unique time zone in a stroke of anti-imperialist independence. President Nicolas Maduro said Thursday that the new change will take effect May 1. He didn’t ...

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Venezuela orders long weekends to stave off power crisis

CARCAS, Venezuela (AP) — Public employees in Venezuela will take long weekends for two months under the government’s latest bid to ease a nationwide power crisis. President Nicolas Maduro announced late Wednesday that he would sign a decree giving state workers a Friday furlough for 60 days. Together with other measures, he hopes to reduce electricity consumption by at least ...

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Power to the people: Venezuela calls holiday to save energy

CARACAS, Venezuela (AP) — President Nicolas Maduro has a new strategy to stave off a major power crisis for Venezuela: a weeklong holiday for all workers. The extended furlough adding three days to next week’s Easter holiday was announced in the official gazette Tuesday. It came a day after the country’s electricity minister warned that the water level at Simon ...

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Oil providers ask Venezuela’s PDVSA for cargo prepayments -sources

HOUSTON – Big oil suppliers have started requiring prepayment when selling cargoes of crude and refined products to Venezuela’s PDVSA, in an effort to limit potential risks from the state-run company’s well-known cashflow woes, five sources from firms involved in the deals told Reuters. One international trading firm, which has had strong commercial ties with PDVSA, has decided to limit ...

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Venezuela says ‘informal’ OPEC chat planned before December meeting

CARACAS – Oil ministers of OPEC nations will hold “candid, informal” talks on Dec. 3, a day before the group’s formally scheduled meeting in Vienna, Venezuela’s oil minister said on Wednesday, adding the idea was suggested by Saudi Arabia. “It’s an informal meeting where we’re going to speak in a very frank way about the market situation, and we’re going ...

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Oil prices drop after U.S. inventories rise

LONDON – Crude oil prices fell on Wednesday after industry data showed an increase in U.S. stockpiles, and as analysts said U.S. output had been surprisingly resilient in the face of lower prices. Brent crude futures <LCOc1> were down 34 cents at $47.10 a barrel by 1446 GMT (09:46 a.m. ET), though they recovered from a low of $47.00 set ...

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