Oil companies aiming to participate in new exports of Venezuelan crude to the U.S. following the ouster of President Nicolas Maduro are in hasty discussions to find tankers and put together operations
Oil companies aiming to participate in new exports of Venezuelan crude to the U.S. following the ouster of President Nicolas Maduro are in hasty discussions to find tankers and put together operations to transfer the crude safely from vessels and dilapidated Venezuelan ports, four sources familiar with the operations said.
Trading houses and oil companies, including Chevron, Vitol and Trafigura, are competing for U.S. government deals to export crude from Venezuela, sources said, after President Donald Trump said that Venezuela is set to turn over as much as 50 million barrels of sanctioned oil to the United States.
Trafigura said in a meeting with the White House on Friday that its first vessel should load in the next week.
Faced with a U.S. blockade in recent months, Venezuela has been storing oil in tankers and has nearly completely filled storage tanks onshore.
The vessels holding the oil are old, poorly maintained, and under sanctions. Other vessels cannot make direct contact with sanctioned ships due to liability and insurance requirements, even if the U.S. grants licenses, the sources said.
Onshore tanks have also not been maintained for years, posing risks for parties trying to load the oil.
Shipping companies Maersk
Content Original Link:
" target="_blank">
