According to information from Reuters, Venezuela has agreed to an exchange contract heavy oil As for Iranian condensate that it can use to improve the quality of its tar-like ore, the first shipments are due next week.
According to five people close to the deal cited by the agency, the deal is between the state-owned companies Petroleos de Venezuela (PDVSA) and the National Iranian Oil Company (National Iranian Oil Company (NIOC)) “Deepens cooperation between two enemies of Washington.”
The agreement, according to one of the sources, is expected to last six months in its first phase, but it can be extended.
This agreement would help PDVSA To secure a source of thinners, and stabilize exports of Orinoco crude blends, while allowing its lighter oil to be refined in Venezuela to produce much-needed automobile fuel, three people said.
The first shipment of 1.9 million barrels of Miri heavy crude sailed from Venezuela under the new exchange earlier this week from the port of Jose de. PDVSA In the large crude oil tanker (VLCC) Felicity, which is owned and operated by the National Iranian Tanker Company (NITC), according to three-person tracking service TankerTrackers.com.
The Treasury Department The US government banned all PDVSA oil exchanges in 2019. This tightening represents a 38% drop in Venezuelan oil exports in 2020.
Overrun by US.
From Washington, they emphasized that the Venezuela-Iran exchange has been on US government officials’ radar screens as a potential sanctions violation in recent months, and they want to see how far it will go in practice.
US sanctions programs not only prohibit Americans from doing business with the oil sectors of Iran and Venezuela, but also threaten to impose “secondary sanctions” against any non-US person or entity that does business with oil companies in both countries.
Secondary sanctions can result in a series of sanctions against beneficiaries, including cutting off access to the US financial system, imposing fines, or freezing US assets.
With information from Reuters.
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