Pdvsa cuts payment time for foreign clients

Venezuelan state-run oil firm Pdvsa’s Marketing and Supply Division issued a communique announcing it cut the time foreign clients are given to pay for oil from 30 days to eight day, in order to protect Venezuelan interests in the world hydrocarbons markets.

“A number of companies use this eight-day payment period to consolidate the benefits associated to the money value corresponding to the 22 days that have been slashed, which in our case thus far have remained in the hands of buyers without any justification whatsoever,” Pdvsa said in the press release.


Weakening US dollar and higher quality standards for crude oil and byproducts are two additional motivations behind the move.

“With this move, Pdvsa injects greater intensity and speed to reinvestment, in order to stay competitive in the hydrocarbons market and meet high crude oil quality standards set by our clients,” said the holding.