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Nynas, Derwick & GPB Energy Services mock Treasury sanctions on PDVSA

Going through some of the documents related to reorganisation of Nynas, we found this (see page 6):

U.S. Treasury probibits Nynas to purchase Venezuelan crude oil

So the hypothesis is that Nynas was forbidden to carry on with crude purchases in Venezuela...

We recently got copy of PDVSA's SAP system. In April, June, August and September of 2020, PDVSA's SAP registers bills of lading issued to Nynas AB, Gasprombank Energy Services (sic), and GPB Energy Services B.V., for Bachaquero and Laguna crude cargoes lifted from Puerto Miranda and Amuay, by tankers Umlma, Daytona, Minerva Eleanora, Tigani, and Mareta.

In total, and despite alleged Treasury prohibition, 1,597,914 barrels of crude were sold to Nynas according to B/L data. It is worth reiterating that these transactions took place in April, June, August and September 2020.

Reuters reported in May this year "A Nynas spokesman told Reuters the company had no plans to resume imports of Venezuelan oil." That quote was made in the context of Treasury lifting sanctions on Nynas particularly, not on whether or not it could start purchasing crude from its main Venezuelan supplier, i.e. Petrozamora, the JV between PDVSA and Derwick / GPB Energy Services B.V.

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