(Chavez with Rosneft Chief Igor Sechin)
Last week, the Russians decided to pay for their Heavy oil crude oil field lottery ticket, by paying for all of it and lending PDVSA the amount needed to finance PDVSA’s side of the deal.
You see, these Russians are being very, very clever. PDVSA has been asking most oil companies to fund PDVSA’s part of the project, but except for Italy’s ENI, most of them have balked at the idea. Even the Chinese said “bù” to Chavez on the idea, feeling that PDVSA should fund its part of the deal. The consequence is that most projects are behind because PDVSA has not fulfilled its part of the deal, mostly paying for the infrastructure related to the projects.
But the Russians have been very clever. They first bought the first half of the Junin 6 deal by bringing none other than Vladimir Putin, el hijo mesmo, to Caracas to sign the original deal and thus make it a “Government to Government” deal, harder to go back on it should the Government change, even if other projects are similar. Except that Putin came when he was not even Primer Minister of Russia. And now that things look iffy, the smart Russians give PDVSA a US$ 1.5 line of credit to fund its size of the deal, just in case. Lock, stock and barrel Junin 6!
Come Jan. 10th., Capriles may decide to delay or postpone some of the heavy crude oil deals given to the many operators who have no clue what the Faja Heavy Oil is about, but the Russians will show their lottery ticket, winning numbers, loan, good companies like Gazprom and Rosfnet and Prime Minister Vladimir Putin attached to it.
Clever and dangerous guys these Russians are…