It looks like Lord may have dodged a bullet

In an article in the El Universal newspaper, Rafael Ramirez, Venezuela’s Minister of Energy and Petroleum, stated that Pdvsa will honor contracts already signed. “We have always said that what is signed will be respected.” Controversy arose last year when Pdvsa announced it will not provide Orimulsion fuel for Canada’s New Brunswick Power plant, which started to modify its coal burning facilities to process the Venezuelan oil-based product, before signing a contract with Pdvsa.

“The project of supplying Orimulsion to China will be respected, especially since they are building their own module here,” Ramirez said.

“With New Brunswick Power we are going to make a proposal that will benefit both sides. We don’t want to go to court over this,” Ramirez added.