Venezuela’s troubled state oil firm PDVSA could lose its licence to operate an oil storage terminal on the Dutch Caribbean island of Bonaire because it lacks funds for the cost of maintenance work at the facility, according to Reuters.
Cash-strapped PDVSA, properly named Petroleos de Venezuela SA, controls the biggest oil reserves in the world, many of them offshore. But it has been struggling mightily after being hamstrung by oil’s price plunge and alleged mismanagement and corruption.
On Bonaire, in the Leeward Antilles, PDVSA owns the Bonaire Petroleum Corp (BOPEC) terminal, a vital asset with 10 million barrels of storage capacity and deep-water docks.
Netherlands authorities have demanded a number of safety enhancements at the terminal by 5, January 2018. Only five of the 21 tanks are operating now and all will cease if the ultimatum is not met.