US hits Venezuela state-owned oil company with sanctions
Washington, Jan 29: The Trump administration imposed sanctions Monday on the state-owned oil company of Venezuela, a potentially critical economic move aimed at increasing pressure on President Nicolas Maduro to cede power to the opposition.
National security adviser John Bolton and Treasury Secretary Steven Mnuchin announced the measures against the company.
They are also aimed at boosting Maduro's rival, opposition leader Juan Guaido, whom the administration recognized last week as Venezuela's legitimate leader.
The sanctions will include a freeze on any assets the firm may have in US jurisdictions and bar Americans from doing business with it.
"The United States is holding accountable those responsible for Venezuela's tragic decline, and will continue to use the full suite of its diplomatic and economic tools to support Interim President Juan Guaido, the National Assembly, and the Venezuelan people's efforts to restore their democracy," Mnuchin said.
"Today's designation of PDVSA will help prevent further diverting of Venezuela's assets by Maduro and preserve these assets for the people of Venezuela. The path to sanctions relief for PDVSA is through the expeditious transfer of control to the Interim President or a subsequent, democratically elected government," he said.
PDSVA is the acronym for the state-owned oil company.
Senator Marco Rubio, a vocal critic of Maduro who has called for such sanctions, welcomed the move even before it was announced.
"The Maduro crime family has used PDVSA to buy and keep the support of many military leaders," Rubio said.
"The oil belongs to the Venezuelan people, and therefore the money PDVSA earns from its export will now be returned to the people through their legitimate constitutional government."
The sanctions will not likely affect consumer prices at the gas pump but will hit oil refiners, particularly those on the US Gulf Coast.
Venezuelan oil exports to the US have declined steadily over the years, falling particularly sharply over the past decade as its production plummeted amid its long economic and political crisis.
The US imported less than 500,000 barrels a day of Venezuelan crude and petroleum products in 2017, down from more than 1.2 million barrels a day in 2008, according to the Energy Information Administration.
Still, Venezuela has consistently been the third- or fourth-largest supplier of crude oil to the United States, and any disruption of imports could be costly for refiners.
In 2017, the most recent year that data were available, Venezuela accounted for about 6 per cent of US crude imports.
Valero and Citgo are among the largest importers of Venezuelan crude.
But Venezuela is very reliant on the US for its oil revenue. The country sends 41 per cent of its oil exports to the US.
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No issue of domestic LPG supply in Goa; steps underway to ease commercial cylinder situation: Govt
Panaji (PTI): The supply of domestic cooking gas is normal across Goa, but the state government is taking measures to ease the situation arising out of the shortage of commercial LPG cylinders, an official said on Wednesday.
The West Asia conflict has affected energy supplies through the Strait of Hormuz. India remains heavily dependent on the Gulf region, where the war has entered its second month, for its oil supplies.
Goa's Secretary of Civil Supplies Department Sanjiv Gadkar told PTI on Wednesday that the supply of domestic cylinders is normal across the state.
"There is no issue of domestic LPG supply. Those customers who have booked the cylinders are getting it on time. The state government is taking steps to ease the situation arising out of the shortage of commercial LPG cylinders," he said.
But there are certain issues with commercial LPG cylinders that are currently being addressed, according to him.
Commercial establishments have been given 20 per cent of their quota of the commercial LPG cylinders, with the state government announcing that the quota would be increased to total 40 per cent once they apply for Piped Natural Gas (PNG) connections.
Gadkar said the state government was strictly following the guidelines of the central government, wherein the commercial establishments have to apply for the PNG.
Although PNG connections are not available all over Goa, the talukas of Tiswadi, Ponda, Salcette and Mormugao has the supply of this gas.
"Even if PNG supply is not available, commercial establishments can still avail of the 40 per cent quota once they complete the required application formalities," he said.
Gadkar said that many commercial establishments are facing problems as they had not registered with the LPG dealers.
"They used to source commercial LPG from third parties. Now, we have made it mandatory for them to register with the dealers," he said.
