Venezuela to Deploy Ships to Oil Exporting Hub After USA Move
Bloomberg News | Wednesday, August 27, 2025
Venezuela will deploy vessels to a key oil-exporting hub near Colombia in response to the US’s decision to send warships to the southern Caribbean.
Venezuela’s ships, which will be larger than “patrolling” vessels, are headed north of Lake Maracaibo and the Gulf of Venezuela, Defense Minister Vladimir Padrino said. The vessels will be positioned in Venezuela’s oil cradle in a port key to both Chevron Corp.’s shipments to the US and PDVSA’s exports to China.
The move comes after Venezuelan President Nicolas Maduro ordered the deployment of 15,000 troops, as well as surveillance drones, to the Colombian border to counter US military activities in the region. The US last week said it would send warships to waters off Venezuela to address what Washington sees as the threat from drug cartels.
Chevron’s Petroboscan oil venture, in Lake Maracaibo, pumps about 100,000 barrels a day of heavy asphalt crude that the company exports from the Gulf of Venezuela.
In May, about half of the company’s total output was shipped from the area to fuelmakers on the Gulf Coast, including Valero Energy Corp., Phillips 66, PBF Energy Inc., and Chevron’s Pascagoula refinery in Mississippi. In April, two out of seven ships bound for the US departed from Lake Maracaibo, according to Bloomberg data.
TTNGL director resigns
2025, 08/26
Former president of the T&T Manufacturers’ Association (TTMA) Roger Roach resigned as a director of the T&T NGL Ltd (TTNGL).
Notice of his resignation was posted on the T&T Stock Exchange stated, “Pursuant to Section 64(1)(b) of the Securities Act, 2012:
Trinidad and Tobago NGL Limited (TTNGL) advises that effective August 22nd 2025, Mr Roger Roach has ceased being a director of TTNGL.”
Appointed as a director of TTNGL last March, Roach said, “Out of my departure from the NIB (National Insurance Board) board I thought it prudent to resign from TTNGL as I was representing NIB on this board.”
TTNGL is a subsidiary of wholly state-owned National Gas Company, which has 25 per cent controlling interest through the ownership of 100 per cent of the class A ordinary shares of the company. The remaining 75 per cent class B ordinary shares are listed on the Trinidad and Tobago Stock Exchange. The NIB is the single largest class B shareholder with a 12.74 per cent stake in TTNGL.
In its condensed interim financial statements for the six months ended June 30, 2025 the company noted that following the announcement of the revocation of licences issued by the Office of Foreign Assets Control (OFAC) of the US Department of Treasury, regarding the exploration of gas fields in Venezuela, management reviewed its impairment assessment of the company’s shareholding investment in the Phoenix Park Gas Processors Ltd (PPGPL).
This review was conducted based on the assessed most likely outcomes and risks associated with updated inputs and cash flows provided by PPGPL and National Gas Company. This assessment resulted in the recognition of an impairment loss of TT$85.2 million and consequently a loss after tax of TT$35.8 million (2024: profit after tax of TT$46.7 million).
TTNGL’s loss per share for the half-year was TT$0.23, compared to earnings per share of TT$0.30 for the corresponding period in 2024.