The oil Chevron Corp has begun to supply fuel to the state company PDVSA following Washington’s approval of a license for the oil and gas sectors of Venezuela, three people familiar with the matter said Thursday.
Chevron and PDVSA had previously stuck to an agreement signed in 2022 to expand some operations, which included exchanging Venezuelan crude for diluents provided by Chevron, as well as repaying debts of the joint ventures.
In October, Washington relaxed the sanctions imposed on the South American country’s oil sector, paving the way for expanded exchanges.
Under the new terms, which entail an expansion of the previous swap agreement, Chevron has begun supplying PDVSA with fuels, including naphtha and gasoline blends, a source said.
The first ship under the new agreement arrived at the Venezuelan port this week with 450,000 barrels of heavy gasoline for PDVSA, according to ship tracking data and a document seen by Reuters.
A second tanker was in the process of being chartered this week by the US company to transport about 240,000 barrels of gasoline mixture for delivery in November, two of the sources added.
PDVSA and Chevron did not immediately respond to requests for comment.
It was not immediately clear whether fuel shipments would be offset with Venezuelan crude or under a different payment mechanism. The October license clears the way to make and receive payments from Venezuela, as well as to provide goods and services for oil and gas projects.
Source: Reuters
Source: Gestion
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