Gazprombank denied transfer of PDVSA joint venture accounts

Gazprombank called Reuters no information that Venezuelan PDVSA began to transfer the accounts of all joint ventures to a Russian bank

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The Venezuelan national oil company PDVSA did not transfer the accounts of all the joint ventures to Gazprombank. This was reported to RBC representative of the bank.

“The Reuters news agency is not true. Being one of the largest oil companies in the world, PDVSA has open accounts in many large banks, including international ones, ”said RBC’s interlocutor.

“Within the framework of cooperation with several Russian companies – bank customers in the Gazprombank group, a few years ago, PDVSA accounts were also opened. However, we emphasize that no new accounts have been opened and are not planned by the bank for opening, ”the representative of the bank added.

Earlier, PDVSA began to transfer the accounts of all the joint ventures to Gazprombank, sources told Reuters . The company’s internal documents also noted that PDVSA requires Equinor, French Total and American Chevron to determine whether they will continue to participate in joint projects.

The US imposed sanctions against PDVSA on January 28, Washington froze the company’s assets for $ 7 billion. Finance Minister Stephen Mnuchin noted that the subsidiary of Venezuelan company Citgo Petroleum, which operates in the States, can avoid restrictions if it does not transfer funds to PDVSA.

Later, the Ministry of Finance called the condition for easing sanctions: the transfer of control over the Venezuelan oil company to opposition leader Juan Guaido, who declared himself the interim president of the country.

After the imposition of sanctions, Rosneft began to provide PDVSA with “vital petroleum products in exchange for Venezuelan oil,” the New York Times reported . Due to this, the oil company will be able to “partially replace the lost American supplies.” In 2018, PDVSA halved the debt to Rosneft from $ 4.6 billion to $ 2.3 billion.

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