|
|
Article: VENEZUELA - Sales To American SPR.
- Article from:
- APS Review Oil Market Trends
- Article date:
- November 17, 2003
CopyrightCOPYRIGHT 2003 Input Solutions. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Under an unorthodox deal being negotiated since an initial agreement was signed in January, and while Venezuela's populist President Chavez spouts anti-US rhetoric, PDVSA is to supply crude oil to the American Strategic Petroleum Reserve (SPR). The deal is being put together by a little-known New York trading firm, Free Market Petroleum (FMP), with the active involvement of Jack Kemp. Kemp is a former US congressman from New York and Republican candidate for vice president in 1996. If successful, the effort could be worth more than $1 bn over a three-year period.
However, the deal has been complicated by the fact that the SPR, set up by Congress to serve as a ...