According to shipping documents reviewed by Reuters, the United States is expected to receive over 3 million barrels of crude oil from Venezuela in February.
After a three-year restriction, Chevron has secured a license from the U.S. Treasury Department allowing it to temporarily transport sanctioned oil, and it plans to do so by importing 100,000 barrels of crude oil each day.
The shipping documents reveal that since receiving the license, Chevron has shipped crude oil from Venezuela for use in its refinery in Pascagoula, Mississippi, and has also sold some of it to Phillips 66 and Valero Energy, both of which are based in the United States.
As part of the terms of the limited authorization granted to Chevron, any money made from the sale of oil or petroleum products would be used to reduce PDVSA’s debt to Chevron
Refiners in the United States value Venezuela’s heavy crude oil, but just recently they had been relying on heavy crude oil from Russia as a substitute. Many refineries reportedly approached Chevron in December in an effort to secure some of the restricted Venezuelan crude oil.
While the United States has only granted Chevron authorization to transport crude oil from Venezuela, other oil and gas firms, including international oil and gas companies requesting equal treatment, are seeking similar authorization.
Meanwhile, ConocoPhillips is believed to be considering selling Venezuelan crude oil in the U. S. as a way to help pay back some of the $10 billion that is owed to Venezuela. The U.S. Treasury has already given ConocoPhillips permission to talk to PDVSA about the possibility of recovering debt.
Original source material for this article taken from here
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