Chevron trades Oil with Venezuela despite sanctions
2022.12.30 11:57
Chevron trades Oil with Venezuela despite sanctions
Budrigannews.com – Chevron Corp., an American oil company (NYSE:) According to a person who is familiar with the situation and shipping data, is sending two oil tankers to Venezuela, one of which will load the first cargo of crude destined for the United States in nearly four years.
On Friday, a Chevron-sanctioned vessel moved toward the South American nation’s waters to get a freight of Venezuelan rough. According to the person, a second tanker carrying diluents for a Chevron oil joint venture will arrive in the country early next month.
Chevron was granted a six-month license by the United States to expand its role at four joint ventures that produce, process, and export oil from Venezuela and bring their oil to the United States.
A Chevron representative declined to remark, refering to a strategy of not examining business matters.
A request for clarification was sent to the Venezuelan state oil company PDVSA, which did not immediately respond.
The US license will allow oil flows that were stopped nearly four years ago as a result of US sanctions. As an incentive for Venezuela to work with opposition leaders on a presidential election in late 2023, Washington took the license as one of its first steps to ease sanctions on the nation.
Washington authorities have said further facilitating of Venezuelan oil authorizations could accompany a reestablishment of barred political competitors and political decision eyewitnesses.
According to person and Refinitiv Eikon vessel monitoring data, the Bahamas-flagged tanker Caribbean Voyager is scheduled to load Venezuelan oil for export to the United States in the coming days. Meanwhile, the Marshall Islands-flagged UACC Eagle is sailing to Venezuela’s Jose oil port to discharge naphtha for the joint venture Petropiar.
The cargoes are the first under the U.S. Depository Division’s November permit permitting the U.S. oil major to grow its activities in the South American country.
In the past, the administration of U.S. President Joe Biden had released relatives of Venezuela’s first lady who had been convicted of drug trafficking, allowed European oil companies to receive crude from Venezuela to pay back pending debt, and lifted individual sanctions on some Venezuelans.
Chevron prior this year had mentioned a more extensive permit that would permit it to assume functional command over its joint endeavors in Venezuela, yet Washington decided on a restricted approval set to be versatile as political discussions progress.
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