Nicaragua Re-Exports Oil to El Salvador

The company Albanisa S.A. exported crude Venezuelan oil and derivative products to El Salvador worth a total of $204 million in 2011, at an average price of $102 a barrel.

Wednesday, May 2, 2012

The data has been provided from an investigation by the newspaper La Prensa of Nicaragua citing data from the Analysis Unit of the Directorate General of Hydrocarbons at the Ministry of Economy in El Salvador.

Nicaragua, having received Venezuelan oil through the semi state run company Petronic and from PDV Caribe S.A exported from 2008 to El Salvador oil, premium gasoline, regular gasoline, bunker fuel oil, diesel and asphalt. The importer in this country is Alba Petroleos de El Salvador, a mixed company, composed of the decentralized public entity Enepasa, El Salvador, and PDV Caribe SA, a subsidiary of PDVSA.

The article by Moses Martinez adds details about this operation:

"On 24th April, media investigations found a significant difference between reports from PDVSA of oil supplies from Venezuela to Nicaragua and those of the Nicaraguan Energy Institute (INE in Spanish), the hydrocarbon sector regulator.

"PDVSA reported shipments of 16.5 million barrels of oil during 2011, while the INE only recorded 11.6 million barrels. The five million barrels which "disappeared" should be in the area of oil exports to El Salvador, but these were not recorded by the Center for Export Procedures (Cetrex). However, a week after the publication of La Prensa, the government agency revealed in its reports that Nicaragua exported to El Salvador 34 million dollars of crude oil, between January and April this year alone.

Nicaragua announced last week that it has signed a $233 million contract with the Chinese company CAMC Engineering Co. (Camce) for the construction of basic infrastructure for a refinery on the Pacific coast.

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The Oil Route: Venezuela - Nicaragua - El Salvador

December 2012

Up to November Nicaragua exported 56.7 million kilos of crude oil to El Salvador, at a price of $34.1 million.

Writing about the topic in his article in, Ivan Olivares says:

"It's strange that Nicaragua would export oil, seeing as the country does not produce it, suggesting that someone in El Salvador is paying higher prices for it than could be obtain in the international market, if you take into account that Venezuela, the main supplier of hydrocarbons to Nicaragua, sells its product at prices much higher than those of the Gulf of Mexico, which serve as reference for the Americas.

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