PdV takes on Glencore to handle Belarus crude deal

摘要

Venezuela's slate-owned PdV has reached a triangulation agreement with international commodities trading firm Glencore to ship 200,000 b/d of light crude to Belarus next year. PdV signed a one-year supply contract with Belarus-neft at the end of October that will boost Venezuelan crude exports to Belarus from 80,000 b/d at present to 200,000 b/d of light Santa Barbara crude as of 1 January 2011. But the price formula includes delivery, making it too costly to ship from Venezuela to Belarus.