Thursday, July 9, 2020

Spanish oil company Repsol slashes the sales in Venezuela for the second time

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Spanish energy company Repsol continues to cut its sales in Venezuela, which at the end of the first half of 2019 amounted to 393 million euros ($ 437 million), almost 14 percent less than at the end of 2018.

According to the Argentine newspaper “Infobay”, the Spanish group explained in the semi-annual accounts submitted to the National Securities Market Commission CNMV  that during the first half of this year, the political instability in the Caribbean country continued, economic stagnation and high inflation continued, causing the Spanish company to cut its sales for the second time.

Between January and June of this year, there was a significant devaluation of the Venezuelan currency against the euro, as well as the United States of America’s sanctions against state oil company Petroleos de Venezuela.

The Spanish energy company said the United States had given some deadlines to facilitate the termination of several public licenses, but the new measures had exacerbated the situation in Venezuela.

The Spanish Oil Company has adopted the necessary measures to continue its activity in this South American country, including full respect for the international sanction’s regulations and control of the potential effects of its activities.

Repsol reported that its 2018 accounts and losses were 1,159 million euros. Repsol’s average production in Venezuela in the first half of this year was 59,000 barrels of oil equivalent per day, compared to 62,000 in 2018. The average production Repsol for hydrocarbons around the world in the first half 697 thousand barrels of oil equivalent per day, 4% less than the same period in 2018.

Read also: World’s top ten kings of Black gold

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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