The Inter-American Development Bank on Friday voted to replace the representative of Venezuelan President Nicolas Maduro with an economist backed by opposition leader Juan Guaido.
The decision makes the IADB, Latin America’s largest regional lender, the first financial institution to recognize Guaido and would eventually free up development lending to Venezuela if Maduro steps down.
IMF approval would also allow the World Bank, the world’s largest development institution, to make a decision on Guaido.
Under a set of sanctions released at the end of January, Citgo — which at the time was indirectly controlled by the government of embattled president Nicolas Maduro — had an authorization to interact with U.S. companies or persons until July 27.
Citgo operates three refineries in the U.S. with combined capacity to process almost 755,000 barrels of oil a day, or about 4 percent of the U.S. fuel-making capacity.
It operates more than 40 petroleum terminals in the U.S. and sells fuels to 5,300 Citgo-branded gas stations.
The U.S. special representative for Venezuela said on Friday that Venezuela’s oil exports have been dropping steadily by roughly 50,000 barrels per month and production is likely to dip below a million barrels a day within a “month or two”.
The OPEC member’s oil production has dwindled in the last two decades, from more than 3 million bpd at the beginning of the century to between 1.2 million and 1.4 million bpd by late 2018.
Solaris Oilfield Infrastructure (SOI) provides supply chain management and logistics solutions to the energy industry, including mobile and permanent infrastructure that increases proppant throughput capacity.
Although it has initiated dividend payment recently, which signals the management’s ability to increase shareholders’ return, the sustainability of such program would depend on the company’s ability to generate FCF on a more consistent basis.
Solaris’ standard Solaris Mobile Proppant Management System has 2.5 million pounds of vertical proppant storage capacity.
Canada’s Minister of Fisheries, Oceans and the Canadian Coast Guard, Sean Casey, will make an important announcement on March 18th concerning funding provided to international organizations to protect Canadian waters from oil spills, the Canadian federal government said on Friday.
Canada has a so-called Marine Oil Spill Preparedness and Response Regime.
Under Canada’s US$1.1 billion (C$1.5 billion) Oceans Protection Plan, more than US$34 million (C$45 million) is invested in collaborative research initiatives expected to lead to collaboration among oil spill researchers across Canada and around the world.