President Donald Trump arrives at the East Room of the White House, Monday February 3, 2025, in Washington. Photo: AP.
According to news agency reports, the Donald Trump administration has revoked permits from PetrĂłleos de Venezuela (PDVSA) partners to extract and export oil from Venezuela.
The multinationals affected by the decision are Spain’s Repsol, the US’s Global Oil Terminals, Italy’s Eni, France’s Maurel & Prom, and India’s Reliance Industries. These companies had received permits to process Venezuelan crude in their refineries worldwide as an exception to the illegal sanctions against Venezuela. They now have until the end of May to wind down their operations in the country.
In the case of Repsol, it holds an equity exposure in the region of $504 million as of the end of the 2024 fiscal year.
Venezuela retains sovereignty over its energy resources through PDVSA, permitting limited participation by foreign companies as minority partners. In practice, this sovereignty has been eroded by Trump’s recent policy decisions.
Washington has imposed sanctions on the Venezuelan oil industry as part of its strategy to destabilize Nicolás Maduro’s government. These measures have restricted the country’s ability to sell oil internationally in a White House attempt to force Caracas to submit to US imperialist dictates.
The decision was announced a few days after US Congresswoman MarĂa Elvira Salazar confessed in a video published on social media that the goal of US imperialism is to completely cut off Venezuela’s oil income by asphyxiating the state oil corporation PDVSA.
In the video posted on Friday, March 28, former CNN anchor and current Florida Congresswoman Salazar admitted to following advice from Venezuelan far-right politician MarĂa Corina Machado in all actions aimed at destabilizing the government of President Nicolás Maduro.
Salazar also outlined the strategy to block all financial inflows to the Venezuelan state: “They cannot have any US money, Repsol’s money, Italian money, or money from anyone else buying oil from PDVSA, selling it on the international market, and then giving Maduro a cut.”
Repsol has operated in Venezuela since 1993 and employs approximately 100 workers in the country, most of them local personnel. The company resumed operations in Venezuela in recent years.
The Venezuelan government asserts that the Trump administration’s decision does not affect Spain’s supply security. “Our oil supply is highly diversified, and our reserves are guaranteed,” state sources within the Maduro administration.
President Maduro Instructs Central Bank of Venezuela to Apply Protective Measures for Exchange Rate
Repsol CEO Josu Jon Imaz has stated that the oil company maintains a “direct relationship” with the US government, with which it holds an “open and fluid dialogue.” He announced that the company will analyze the situation to determine whether it can “identify mechanisms” to continue operating in Venezuela, as reported by EFE.
This Monday, at the Wake Up, Spain! forum, organized by El Español, Invertia, and Disruptores, Imaz addressed the Trump administration’s recent decision. Partners of Venezuela’s state oil company PDVSA—including Repsol—were formally notified that their permits to export Venezuelan crude oil and derivatives were revoked.
Since 2017, during Donald Trump’s first term, the United States has imposed sanctions on Venezuela, including restricting access to the US financial system and freezing bank accounts and assets belonging to Venezuela valued in tens of billions of dollars.
(Ăšltimas Noticias) with Orinoco Tribune content
Translation: Orinoco Tribune
OT/JRE/SF
