OREANDA-NEWS. Venezuelan state-owned PdV issued tenders last week to buy up to 11mn bl of US, Nigerian and Russian light crudes for delivery from April to June to its Bullen Bay terminal in Curacao.

PdV is seeking to purchase up to 8mn bl of WTI and Nigerian Qua Iboe and Brass River in cargoes of 500,000 to 1mn bl each for discharge at Bullen Bay during second quarter 2016, the energy ministry said.

PdV also issued a tender last week for up to three cargoes of Russian Urals crude totaling a combined 2.1mn-3mn bl for delivery at Bullen Bay starting in April.

Russian oil companies Rosneft and Lukoil "probably" will be awarded the Urals crude tender because they have been supplying PdV with Urals crude shipments since mid-2015, the ministry said.

PdV expects to more than double its light crude imports by next month to about 115,000 b/d compared with 50,000 b/d at end-2015.

"We need more light crude for blending with PdV's rising production of Orinoco extra-heavy crude," a ministry official tells Argus. "PdV is also seeking to lock in lower prices for most of its projected light crude import needs in 2016 before oil prices go higher, as they will soon when Opec and non-Opec producers reach agreement on measures to defend the oil price," the ministry official added.

Venezuela's government anticipates that months-long efforts by energy minister and PdV chief executive Eulogio Del Pino to coordinate an oil production freeze with other Opec and non-Opec producers will succeed in pushing prices higher before mid-year, the energy ministry official explained.

PdV has floated several payment proposals to potential light crude suppliers that include letters of credit from third parties led by its US downstream subsidiary Citgo, open credit, up-front payment, and crude or product swaps.

PdV so far in 2016 has purchased three cargoes of WTI crude totaling a combined 1.5mn bl. Citgo shipped the first two cargoes of WTI to Bullen Bay in January and February. France?s Total will deliver the third WTI shipment of 500,000 bl this month, the ministry said.

PdV since mid-2014 has regularly awarded light crude tenders to Rosneft, Lukoil, Total, Algeria's state-owned Sonatrach, Norway's Statoil, Shell and Vitol.