UPDATE 1-Oil providers ask Venezuela's PDVSA for cargo prepayments -sources
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By Marianna Parraga and Liz Hampton
HOUSTON Nov 19 (Reuters) - Big oil suppliers have started requiring prepayment when selling cargoes of crude and refined products to Venezuela's PDVSA, in an effort to limit potential risks from the state-run company's well-known cashflow woes, five sources from firms involved in the deals told Reuters.
One international trading firm, which has had strong commercial ties with PDVSA, has decided to limit future spot sales to the company over worries that even a prepayment agreement would carry risks, two of the sources said.
The Venezuelan company has ramped up tenders on the open market this year to import crude and diluents for its extra heavy oil output, but payments are taking a long time to arrive because low oil prices have crimped revenues, the sources said.
It has also been buying gasoline blend stock and other refined products after three of its four domestic refineries, Amuay, Cardon and El Palito, were affected in October and early November by power outages.
A PDVSA representative did not respond to a request for comment. Last month, PDVSA President Eulogio Del Pino said the company would honor all debts despite low oil prices.
PDVSA's latest detailed financial statements show that at the end of 2014 its financial debt reached $46.15 billion, while its accounts payable to suppliers were $20.86 billion.
Statoil, Royal Dutch Shell and France's Total, among others, have delivered some 13 cargoes of African and Russian crudes to PDVSA during 2015 at its Bullenbay terminal in the Caribbean island of Curacao, according to tender documents, fixtures, vessel tracking data and PDVSA. Continuación...