Latest news with #JosuJonImaz
Yahoo
3 days ago
- Business
- Yahoo
Spain's imports of Venezuelan oil dry up ahead of US sanctions deadline
MADRID (Reuters) -Spain didn't import crude oil from Venezuela in April, ahead of a key sanctions deadline set by U.S. President Donald Trump's administration. Spain's largest oil company Repsol is among foreign firms operating in Venezuela whose permits to export oil from the country were revoked by the United States. Repsol was given a May 27 deadline to wind down its operations there. Under that permit, Repsol received oil from state oil company PDVSA as payment for debt. The lack of imports in April followed sharp increases in 2024 and earlier this year, according to data released on Friday by Cores, an arm of Spain's energy and environment ministry. Repsol has held talks with U.S. authorities seeking ways to keep operating in Venezuela. Earlier this week, Chief Executive Josu Jon Imaz met with U.S. Energy Secretary Chris Wright. The cancellations of licences came after Trump issued an executive order in March, declaring that any country buying oil or gas from Venezuela would pay a 25% tariff on trades with the United States. Venezuelan President Nicolas Maduro and his government have rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple the country.
Reuters
3 days ago
- Business
- Reuters
Spain's imports of Venezuelan oil dry up ahead of US sanctions deadline
MADRID, June 6 (Reuters) - Spain didn't import crude oil from Venezuela in April, ahead of a key sanctions deadline set by U.S. President Donald Trump's administration. Spain's largest oil company Repsol ( opens new tab is among foreign firms operating in Venezuela whose permits to export oil from the country were revoked by the United States. Repsol was given a May 27 deadline to wind down its operations there. Under that permit, Repsol received oil from state oil company PDVSA as payment for debt. The lack of imports in April followed sharp increases in 2024 and earlier this year, according to data released on Friday by Cores, an arm of Spain's energy and environment ministry. Repsol has held talks with U.S. authorities seeking ways to keep operating in Venezuela. Earlier this week, Chief Executive Josu Jon Imaz met with U.S. Energy Secretary Chris Wright. The cancellations of licences came after Trump issued an executive order in March, declaring that any country buying oil or gas from Venezuela would pay a 25% tariff on trades with the United States. Venezuelan President Nicolas Maduro and his government have rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple the country.
Yahoo
15-05-2025
- Business
- Yahoo
Chevron, European firms lobby to keep stakes in Venezuela oil joint ventures
(Reuters) -U.S. oil producer Chevron Corp and several European companies are in talks with the Trump administration to obtain authorizations to keep their stakes in joint ventures with Venezuela's state-run PDVSA, three sources close to the matter said. Washington in March revoked licenses and authorizations it had granted in recent years that allowed PDVSA's foreign partners and customers to do business with Venezuela, which is under U.S. sanctions, and export oil to destinations including the U.S., Europe and India. The U.S. gave the companies until May 27 to wind down transactions, but did not rule specifically on what they should do with employees and assets in Venezuela, including joint venture stakes. Lawyers and experts have said more clarity is needed to complete the closure of those activities. PDVSA has in the meantime only been delivering oil to customers who prepay or agree to swaps, and in April canceled a handful of crude cargoes to Chevron amid payment uncertainty. Last week, the U.S. Treasury Department let a separate license for U.S. oil service firms to keep equipment in Venezuela expire. Several oil companies are now requesting the U.S. to allow them to at least return to the type of license they had between 2020 and 2022, which prevented them from expanding operations in Venezuela or exporting oil, but allowed them to preserve their stakes, offices and a minimum presence in the South American nation, the sources said. They spoke on condition of anonymity because they were not authorized to speak publicly. This alternative would avoid an exodus of foreign companies from Venezuela, but could lead to PDVSA again accumulating debt and owing more dividends to the companies, as it plans to take over operations previously controlled by the joint ventures and handle exports by itself. Venezuelan oil production has declined sharply in the last decade due to lack of investment, mismanagement and sanctions, but the country still holds the world's largest crude reserves. Repsol CEO Josu Jon Imaz said last month the Spanish company was in talks with U.S. authorities about ways to keep activities in Venezuela. Chevron CEO Mike Wirth said on the company's earnings call this month that it was in dialogue with the U.S. government on how its license could be modified or extended. Neither CEO disclosed specifics of his request. PDVSA, Venezuela's Oil Ministry and the U.S. Treasury did not reply to requests for comment. A Chevron spokesperson referred to Wirth's recent public comments on the matter. LAST U.S. OIL COMPANY IN VENEZUELA Following PDVSA's cargo cancellations last month, Chevron has taken small steps to reduce operations in Venezuela, where it is the minority stakeholder of four joint ventures controlled by the state firm. PDVSA briefly suspended production in April at a joint oil upgrader, Petropiar, to reorganize operations aimed at supplying more feedstock to domestic refineries. Chevron, meanwhile, has diverted tankers that had been exclusively carrying Venezuela crude to handle other business. About 300 contractors are linked directly and indirectly to Chevron's projects with PDVSA, which are responsible for about a quarter of Venezuela's 1-million-barrel-per-day oil output. The company had hired new staff in recent years. Chevron has not given up on its efforts to convince President Donald Trump's administration that having a presence in the OPEC country and exporting its oil is important for U.S. energy security. "We are the only American company that remains on the ground in Venezuela," Wirth said in a television interview this month. "If we were to leave as others have, the oil production continues and American companies are replaced by companies from other countries," including China and Russia, he said. When the previous Biden administration granted it a broad license in 2022, Chevron was owed $3 billion by PDVSA, accumulated from the previous period when the U.S. company was blocked from having access to proceeds in Venezuela. The export mechanism in the authorization has allowed the firm to recover almost the entire amount, but some dividend payments are still pending from PDVSA, one of the sources said. The government of President Nicolas Maduro has fiercely rejected the U.S. sanctions, which have been hardened by Trump amid his criticism about elections the U.S. says were rigged, as well as migration. Venezuela has said the measures amount to an "economic war," while some of its key partners, including China, have expressed similar opinions. "Venezuela is unstoppable. The one they are hurting (with the license cancellation) is Chevron," Maduro said on a television show last week. Experts are forecasting a decline of between 15% and 30% in Venezuela's oil output by the end of 2026 if the oil licenses are canceled without any alternative. Sign in to access your portfolio
Reuters
30-04-2025
- Business
- Reuters
Repsol confirms shareholder payouts after first quarter beats expectations
MADRID, April 30 (Reuters) - Spanish energy company Repsol ( opens new tab pledged on Wednesday to maintain its dividend payout policy, even if market conditions deteriorate in coming quarters, after reporting better-than-expected first-quarter results. Adjusted net profit in the quarter dropped 48% from a year earlier to 651 million euros ($741 million), beating the company-provided average forecast of 642 million euros. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The above forecast results came despite oil refining margins more than halving from a year earlier, lower oil prices, a drop in margins in its chemical business and market volatility, it said. "During the first quarter of 2025, we have laid the groundwork to meet our objectives for the year, ensuring our commitment to shareholder remuneration, optimising investments and improving our portfolio through divestments that will represent a cash inflow of around 700 million euros," Chief Executive Josu Jon Imaz said in a statement. The company confirmed its shareholder payout target of between 30% and 35% of cash flow from operations. The target would stand even if market conditions deteriorate - with oil refining margins falling to $4 per barrel and with a Brent crude oil price declining to $65 a barrel. The price of Brent crude averaged $76 a barrel in the first quarter and refining margins were $5.3 a barrel. Should this scenario materialise, the company forecasts lower cash flow from operations and would trim investments, it said. The company's net profit, including items relating to provisions, divestments and inventory, fell to 366 million euros from 969 million euros in the same period last year. ($1 = 0.8788 euros)
Reuters
20-02-2025
- Business
- Reuters
Repsol cuts green hydrogen target by as much as 63%
MADRID, Feb 20 (Reuters) - Spanish energy company Repsol ( opens new tab cut its 2030 target for green hydrogen production by up to 63%, Chief Executive Josu Jon Imaz said on Thursday, highlighting the challenges of a high-cost industry heavily reliant on subsidies. Repsol now expects to achieve between 0.7 gigawatts (GW) and 1.2 GW of electrolyser capacity by the end of the decade, down from a previous 1.9 GW target, Imaz told analysts as he presented results for the year. This is due to delays in the development of the market and the regulatory framework, among other reasons, he said. "We are prioritising return and prudence in the capital allocation over any capacity target," he said. Green hydrogen is produced using renewable energy and is seen as key to decarbonise Europe's economy in the future. However, given its cost, green hydrogen projects in general are not competitive without subsidies. here.
