Seeking Alpha

NuStar in early termination of PDVSA crude supply contract

  • NuStar Energy (NS +2.6%) announces an early termination of its crude oil supply contract with Venezuela's PDVSA, effective Jan. 1 and ahead of the original March 2015 termination date.
  • NU says the move will significantly reduce its financial liability by eliminating the obligation to purchase 30K bbl/day of PDVSA crude.
Comments (2)
  • Pablomike
    , contributor
    Comments (2458) | Send Message
     
    I can't believe that contract didn't go with the joint venture. Selling 50% of the asphalt business may be the worst deal ever made.
    8 Nov 2013, 03:40 PM Reply Like
  • littlerico
    , contributor
    Comments (40) | Send Message
     
    agreed!! Very disappointing, but the good news is that the contract is finally being terminated. I suspect (maybe hope) that 2014 will show a different organization ie additional partners/mergers etc.
    9 Nov 2013, 02:18 PM Reply Like
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