{"id":429858,"date":"2011-05-25T09:10:52","date_gmt":"2011-05-25T09:10:52","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/25\/venezuela-condemns-us-sanctions-on-state-oil-company\/"},"modified":"2011-05-25T09:10:52","modified_gmt":"2011-05-25T09:10:52","slug":"venezuela-condemns-us-sanctions-on-state-oil-company","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/25\/venezuela-condemns-us-sanctions-on-state-oil-company\/","title":{"rendered":"Venezuela condemns US sanctions on state oil company"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Africa\/International<\/a> \u00bb Venezuela condemns US sanctions on state oil company<\/p>\n

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Page last updated at Wednesday, May 25, 2011 9:09 AM \/\/ <\/span><\/div>\n

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Hugo Chavez – Venezuelan president<\/p>\n<\/div>\n

President Hugo Chavez\u2019s government condemned U.S. sanctions imposed on Venezuela\u2019s state oil company for doing business with Iran, saying it is evaluating how fuel shipments might be affected.<\/p>\n

Industry analysts, however, said the sanctions announced Tuesday probably won\u2019t significantly cut into the business of Petroleos de Venezuela SA because Washington is not preventing PDVSA from selling crude to the United States or through Citgo, its U.S. subsidiary. Venezuela is one of the United States\u2019 main suppliers of petroleum.<\/p>\n

\u201cThe sanctions would have only modest real impact on today\u2019s undertakings by PDVSA,\u201d said Gustavo Coronel, an energy consultant and former PDVSA executive. \u201cThe real significance has to be found in the psychological, political effect of the measure.\u201d<\/p>\n

\u201cIt constitutes the first real move of the Obama government against Chavez\u2019s Venezuela,\u201d Coronel said.<\/p>\n

President Barack Obama\u2019s administration slapped sanctions on PDVSA and six other foreign companies for doing business with Iran. The State Department said PDVSA delivered at least two cargoes of refined petroleum products worth about $50 million to Iran between December and March.<\/p>\n

Venezuela\u2019s government strongly condemned the sanctions, saying in a statement that it is studying to what extent \u201cthese sanctions affect the operations of our national oil industry, and the supply of 1.2 million barrels a day to the United States.\u201d<\/p>\n

Venezuelan Foreign Minister Nicolas Maduro read the statement at a news conference, adding that \u201cVenezuela reserves the most proper response to this imperialist aggression.\u201d<\/p>\n

The U.S. is the main buyer of oil from Venezuela, where Chavez\u2019s leftist-oriented government relies heavily on PDVSA\u2019s annual revenues of about $4 billion to fund its social programs for the country\u2019s poor.<\/p>\n

Maduro told reporters Venezuela was considering the possibility of denouncing the sanctions before international organizations such as the United Nations. He said that the government\u2019s relationship with Iran is purely peaceful and that Venezuela intends to continue strengthening ties with the Iranian government.<\/p>\n

Energy Minister Rafael Ramirez said shipments of heavy crude to PDVSA\u2019s U.S.-based subsidiaries will continue, but the company cannot guarantee shipments to nonaffiliated private oil companies. He said the details of the U.S. sanctions are vague.<\/p>\n

He said the government was still analyzing the potential impact of the sanctions on Venezuela\u2019s oil industry. \u201cWe are going to evaluate exactly how these actions affect our production and sales capacity,\u201d he said.<\/p>\n

Ramirez sidestepped a question seeking confirmation that Venezuela shipped oil to Iran.<\/p>\n

Under the sanctions, PDVSA will be barred from any U.S. government contracts, U.S. import-export financing and export licenses for sensitive technology. But it will not be banned from selling oil to the United States or its dealings with its U.S. subsidiaries are not affected.<\/p>\n

Venezuela does not fear the possibility of more severe U.S. sanctions in the future, and PDVSA is ready to confront the effects of the sanctions, Ramirez said.<\/p>\n

\u201cWe\u2019re not scared of anything,\u201d he said.<\/p>\n

U.S. Rep. Connie Mack, a Florida Republican who pushed for the sanctions, said he thinks they are \u201cnot going to have an immediate, drastic effect\u201d on Venezuela\u2019s petroleum industry or weaken Chavez\u2019s government.<\/p>\n

But he said in a telephone interview that the State Department\u2019s decision to apply sanctions is \u201ca step in the right direction.\u201d<\/p>\n

Jorge Pinon, a visiting research fellow at Florida International University\u2019s Latin American and Caribbean Center, said the U.S. government probably did not apply more strict sanctions against Venezuela or measures that would halt Venezuelan oil exports to the United States because such a move would further boost gasoline prices.<\/p>\n

\u201cThis is a very difficult balancing act for the U.S. because in the short term they need the oil supply from Venezuela,\u201d Pinon said. \u201cSupply to the U.S. is crucial.\u201d<\/p>\n

The United States remains the top buyer of Venezuelan oil despite political tensions between Chavez and officials in Washington.<\/p>\n

Under Chavez, PDVSA has sought to diversify its clientele, exporting more to China and other countries.<\/p>\n

During a debate in Venezuela\u2019s National Assembly after the sanctions were announced, opposition lawmaker Julio Montoya scoffed at suggestions by ruling party lawmakers that Venezuela could potentially ship its heavy crude to allied countries rather than the United States.<\/p>\n

\u201cVenezuela depends more than ever on the United States,\u201d Montoya said.<\/p>\n

He accused Chavez and his political allies of failing to live up to their ideals by periodically threatening to cut off oil exports to the U.S. yet not significantly reducing Venezuela\u2019s dependence on the U.S. market.<\/p>\n

Chavez responded on Twitter, calling the sanctions a \u201cnew aggression\u201d imposed by \u201cthe imperialist gringo government.\u201d He said it would serve only to strengthen Venezuela\u2019s resolve.
Source: AP<\/p>\n\n

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