Venezuela to export gasoline to Iran= BS, G

Venezuela to export gasoline to Iran

Sun, 06 Sep 2009 22:27:33 GMT

Amid US efforts to cut off Iran's fuel supplies, Venezuelan President Hugo Chavez says his country is to provide Tehran with 20,000 barrels of gasoline per day.

( Venezuela is offering less than 1/20 of what Iran needs, 5%.G )

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IRAN:

The daily gasoline consumption ( in 2007 ) is reaching 80 million liters a day (more than 21 million gallons a day). ( They import 40% of the 21 mil gal a day. Or 840,000 gal a day, from Venezuela. G )

42 gallons to barrel, (i.e. 1 Barrel = 159 litres)

42 gal X 20,000 bbls =840,000 gals.

159 liters x 20,000 barrels = 3,180,000 liters a day.

or 1,160,700,000 liters a year.

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Reuters: Venezuela's gasoline exports have halved in four years, OPEC data shows, as growing domestic demand and persistent problems with refineries threaten to make South America's top crude producer a net importer of the fuel.

The Organization of the Petroleum Exporting Countries' annual statistical bulletin shows that Venezuela exported an average of 22,000 barrels per day in 2008

"Venezuela will turn into a net

importer of gasoline within the

next few years," economist Abelardo Daza, of Venezuela's IESA higher education institute, said Thursday. Daza said that reduced car sales and a slower growth in the demand for gasoline in 2008 saved the country from importing the fuel last year but warned exports would soon dry up if the subsidy is not lifted.

Venezuela heavily subsidizes gasoline at the pump and drivers enjoy some of the world's cheapest fuel. Rapid economic growth and booming car sales in the last few years pushed gasoline consumption up by 23.4% between 2004 and 2008. Production rose just 10% in the same period. In 2008, Venezuela produced 309,300 barrels per day of gasoline, said the OPEC report published last week.

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Venezuelan gasoline is the cheapest in the world, at four cents of a dollar per litre (and even cheaper at the "permuta" exchange rate). The gap between the domestic sale price and international prices means the state loses income of between eight billion and 12 billion dollars a year. ....

Oil brought in 90 billion dollars of revenue for Venezuela in 2008, 52 billion of which was earned in the first half of the year, when prices were soaring. But in the first half of this year, oil income was barely 22.8 billion dollars.

Chávez boasted in January that Venezuela was "armoured against the crisis." "Even if the price of our oil plunges to zero dollars, this revolution will not stop," he said. In March, Energy Minister Rafael Ramírez said that "we can carry on working, even with zero oil income, because we have saved 57 billion dollars in reserves."

( Iran is looking to steal some of the $57 billion and Chávez is looking for a way to turn a few billion into his personal pocket, somebody is going to get screwed. Have they seen the RESET in

Honduras? G )

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Its all BS

Venezuela is going to switch 100% of their Gasoline exports to Iran?

At current oil prices Venezuela has reserve funds to go one or two years,

Then its a bare cuboard.

Chávez will run that country right into the Ground.

Anybody see how they can export 22,000 bbl a day to Iran long term? Comment?

G

Our Recon team's update:

CARACAS, Sept 1 (Reuters) - 

Venezuela's state oil company 

PDVSA has been progressively 

selling off "nonessential" 

assets belonging to its U.S. 

refining unit Citgo.

 A draft of Citgo's 2008 

audited financial results, 

which have not been released 

to the public but were seen 

by Reuters, lists the value 

of the assets the company 

has sold in recent years.

 In 2006, Citgo began its 

sell-off with the sale of 

its share of a refinery it 

owned with Lyondell Chemical 

Co for $1.3 billion and by 

ending its association with 

3,000 gas stations.CITCO

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USA IMPORTS ABOUT 2,000 bbl a day from Venezuels.

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The con starts now:

It said state oil company Petroleos de Venezuela SA (PDVSA) would invest $760 million in the development of phase 12 of Iran's giant South Pars natural gas field in the Gulf."Based on the agreement, Iran also pledged to invest $760 million in the development of Venezuelan oil field Dobokubi as well as the development of Block 7 of the Ayacucho oil field," SHANA said.

Ha HAA lolNow how does this work?Venezuela actually invests $760 million of Venezuela's 52 billioncash reserve into Iran, and "based on the agreement" Iraninvests $760 million in Venezuela, when, from where?This smells like 'Book entry' accounting, no money exchangedits a wash. Good PR.Or maybe the money does go to Iran as a bribe for the nuketech, and a cash bonus for Chavez, as he sells Venezula to the Iranians for nukes. G

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