As Venezuela’s economic recovery continues, it is also returning to the global trade. Currently, Venezuela is exporting large volumes of petcoke to India.
The main cement manufacturing companies of India are importing large volumes of Venezuelan petcoke, a by-product of the oil refining process and an alternative to coal.
Production costs globally have risen after the pandemic and the ongoing conflict in Ukraine, and Venezuelan petroleum coke has become an option for India, as it is an inexpensive fuel for industries and can be used in place of coal.
Coke is a porous solid fuel derived from the pyrolysis of fossil fuels in coke ovens. It is used in the manufacture of steel and aluminium, as fuel in cement kilns, and for electricity generation.
According to an article published by Reuters using Refinitiv vessel tracking data and Venezuelan shipping itineraries, Indian cement plants imported from Venezuela at least four shipments containing 160,000 tons of petcoke from April to July.
Another Venezuelan shipment of 50,000 tons is expected to arrive at the port of Mangalore on India’s southwest coast in the next few days, and a shipment of 30,000 tons could arrive later this month.
The petroleum coke shipments were sent between April and July by Shimsupa GmBH, which has an exclusive agreement with Maroil Trading to supply Venezuelan petroleum coke to India, China, Pakistan and Turkey.
Petroleum coke is a residual by-product of the upgrading and refining process of heavy and extra heavy oil that has a high calorific value and a low ash content.
According to the financial director of Indian cement company Ramco Cements, S. Vaithiyanathan, Venezuelan petroleum coke is of high quality and contains very little sulfur, which makes it an optimum fuel for various manufacturing and metallurgical industries.
At present, the United States, Saudi Arabia and Venezuela are the main suppliers of petroleum coke to India.
It should be noted that petrochemical products and by-products are not currently included in the US Treasury Department’s list of sanctions, which is why shipping companies can transport Venezuelan petcoke to India without fear of illegal extraterritorial sanctions from Washington.
(RedRadioVE) by Ana Perdigón, with Orinoco Tribune content
Translation: Orinoco Tribune
Ana Perdigón#molongui-disabled-linkSeptember 19, 2023