Published On: Wed, Aug 22nd, 2018

PDVSA to resume use of St Eustatius oil terminal after payment deal with NuStar

NuStar-tanks-Eustaius-StatiaHOUSTON - Venezuela’s state-run PDVSA and NuStar Energy LP have reached a payment agreement over outstanding storage fees at Statia terminal in the Caribbean island of St Eustatius, the U.S. oil company said on Monday.

The agreement allows PDVSA to resume use of the terminal, which had been suspended several times since 2017 over missed payments.

The parties also signed a new contract that reduces the storage available to PDVSA at the facility, while securing fees for about one year’s worth of storage, the U.S. firm added.

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