Chevron logo at a gas station in Los Angeles, California, USA. Photo: Lucy Nicholson/Reuters.
Chevron and Valero Energy are in negotiations to resume the supply of Venezuelan crude oil to Valero’s refineries in the United States. This comes after the Trump administration issued a new license allowing Chevron to operate and trade oil with Venezuela.
According to sources, the first oil shipments are expected to begin this month but in a reduced volume. They also reported that both US companies are finalizing the logistical details of the agreement, including a “ship-to-ship” operation near the island of Aruba.
Moreover, this agreement is crucial for Chevron’s joint venture with PDVSA, Petroboscán, located in western Venezuela, because it will help solve the heavy crude storage problems that had forced production cuts in the past.
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Before the US license was revoked, in the first quarter of the current year, the US company Chevron supplied around 50,000 barrels of Venezuelan oil per day (bpd) to Valero Energy from Aruba, which represented 20% of its total crude exports during that period.
At the end of July, the US issued a new restricted authorization for Chevron to operate in Venezuela, trade oil, and export Venezuelan crude. On that occasion, the president of Venezuela, Nicolás Maduro, stated that the arbitrary exit of Chevron had not had any negative impact on Venezuelan oil production. “Venezuelan oil production grew by 12%, thanks to our own efforts in recent months,” he said.
(RedRadioVE) by Milena Bravo
Translation: Orinoco Tribune
OT/SC/SL
