Argentina, Brazil, and Portugal owe tankers to PDVSA

It is a priority to promote legal actions before international courts so that the Argentine Republic compensates Venezuela for the amount of 112 million dollars and its interest, for the advance payment made by Venezuela for the construction of two 47.000 deadweight tonnage (DWT) tankers, an operation that the governments of that nation have failed to fulfill for twenty years.

During 2024 it became known that the Río Santiago Shipyard suspended the construction of the two ships destined for Venezuela, at the request of direct political orders issued by the governor of the Province of Buenos Aires, Diego Scioli, who unilaterally diverted the 112 million dollars paid in advance by Venezuela for the construction of the La Plata Unique Stadium.

The industry's legal report denounces that this blatant act of corruption and fraud remains protected by the complicit silence of successive Argentine governments of various ideological persuasions, to the clear detriment of Venezuela's patrimonial interests.
He recounts that subsequently, in response to demands from Venezuelan governments, some actions were taken regarding the works, which were still in a precarious physical state and lacked the necessary financing.

The resources of 112 million dollars were provided in advance and in good faith, motivated by the purpose of ensuring the construction sponsored by President Hugo Chávez Frías, as part of his vision of commercial integration, as well as the economic and geopolitical strengthening of Latin America.

However, Chávez's ideal was dismissed and mocked for the benefit of Argentina and to the clear detriment of Venezuelan interests, which is why it is imperative to strengthen the corresponding claims actions.

“Contemporary times are proving to be an ungrateful and cruel stage for Venezuela, for example the treatment applied to the advance payment for the construction of two 47.000 DWT tankers, a commercial operation lacking understanding, both by those who committed the embezzlement of US$112 million, at a rate of 56 million for each ship, as well as by the rest of the subsequent Argentine governments.”

In light of the embezzlement of funds perpetrated by the Government of the Province of Buenos Aires, PDVSA must promote greater belligerence in legal actions in order to claim and obtain patrimonial compensation, corresponding to the disbursement and interest associated with the amount of US$112 million, advanced to the Río Santiago Shipyard.

Unilateral coercive measures and breaches of contract by governments have reduced and restricted PDVSA's fleet of vessels. During 2024, maritime transport of hydrocarbons was carried out by 7 operational company-owned vessels, 28 third-party vessels, and 17 non-operational company-owned vessels.

The chart reveals a year-on-year decrease in the number of ships of 17,4%, since at the end of 2023 the employment of 63 ships had been reported; even, that figure represented at the time a decrease of 24,5% of active ships, considering that the variation was mainly affected by the reduction of the outsourced fleet.

At the close of 2024, PDVSA had contracts for the construction of 18 vessels, which have remained in execution status at shipyards located in Argentina, Brazil, Iran and Portugal, according to the following scheme: two 47.000 DWT Product Ships in Argentina; two 47.000 DWT Product Ships in Brazil; eight 70.000 DWT Panamax Ships in Brazil; two 27.000 DWT Asphalt Ships in Portugal and four 113.000 DWT Aframax Ships in Iran.

Except for the two ships delivered to Venezuela by the Republic of Iran, there is no information available on the steps taken to complete the construction of the ships or to reimburse PDVSA for the disbursements made.