[UPDATED] Breaking: PDVSA directing receivables payments to Dubai banks

5 years ago By Alek Boyd

Sources have informed this site that PDVSA is asking its clients to settle receivables into two Dubai banks, Emirates NBD and Mashreq Bank. Accounts are allegedly controlled by MCC Petroleum, an oil service provider active in "Iraq, UAE, Kuwait and Saudi Arabia", as per a company's profile. MCC Petroleum claims to have a regional office in Houston. Fernando de Quintal, VP of Commerce and Supply of PDVSA and Vice Chair of Nynas' Board, is alleged to have sent payment instructions.

This new player, MCC Petroleum, is completely unknown -within the Venezuelan / PDVSA context- to this site. There is no evidence of work, or contracts of any sort, having been granted by PDVSA, or Corporación Venezolana de Petróleo (CVP), to MCC Petroleum.

Sources have also reported to this site that Nynas, in fear of falling foul of Treasury sanctions regime against Venezuela / PDVSA, has been looking for alternative ways to pay receivables to PDVSA. Nynas never returned request for comment regarding involvement of a former FSB chief with Petrozamora, as per Nynas' representative in Venezuela, Nynas' largest crude provider.

Request for comment put to Klaus Genbler, President of MCC Petroleum, will be added here if / when answered.

UPDATE 8 June 2019: MCC Petroleum's Claus Ritzenhofen replied to this site's request for comment, saying MCC Petroleum "has not been involved and has no intention or interest to be involved in such transactions." Rogier van den Heuvel was Cced in Ritzenhofen's reply.