Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (9779)	12/16/2009 11:15:53 PM
From: Wharf Rat	Respond to of 24213

Venezuela May Slow Refining as Drought Hits Dams, Curim Says By Steven Bodzin and Erik Schatzker Dec. 16 (Bloomberg) -- Venezuela, site of the biggest refinery complex in the Americas, may process less oil as a drought reduces power generation, said the chief executive officer of Curim Capital Advisors LLC. “We could lose about 200,000 barrels a day in the global market, which would most likely affect heating oil, and China in particular,” Curim CEO Colin Fenton said today in an interview on Bloomberg Television. “It would affect products.” Venezuela provides crude and heating oil to China National Petroleum Corp. to pay off an $8 billion loan. Most of the oil is shipped to Singapore and other Asian ports. China imported 68,000 barrels a day of Venezuelan heating oil in the three months ended Oct. 31, according to Chinese customs data. A regional drought has lowered water levels at dams that provide 71 percent of the South American country’s electricity, prompting rationing. The government may opt to slow refinery production in Venezuela to divert electricity for public use, Fenton said in a telephone interview. To contact the reporters on this story: Steven Bodzin in Caracas at sbodzin@bloomberg.net; Erik Schatzker in New York at eschatzker@bloomberg.net. Last Updated: December 16, 2009 11:44 EST bloomberg.com