Lapatilla
- U.S. oil producer Chevron Corp (NYSE: CVX) plans to export its first cargo of Venezuelan crude to its Pascagoula, Mississippi refinery after bagging a U.S. license in 2022.
By Yahoo Finance – Anusuya Lahiri
Jan 04, 2023
- The 500,000-barrel cargo of Hamaca heavy crude, to be loaded at state-run PDVSA’s Jose port, comes from the Petropiar oil joint venture operated by both companies, Reuters reports.
- As of Tuesday, the tanker prepared to carry the shipment, the Bahamas-flagged Caribbean Voyager, was waiting to load near Jose.
- Also Read: Chevron Clocks Over 80% Jump In Quarterly Earnings
- Another Chevron-chartered vessel, the UACC Eagle, arrived on Tuesday in Venezuelan waters, carrying some 500,000 barrels of heavy naphtha to help operate Petropiar’s crude upgrader.
- In November 2022, Chevron won a 6-month license to expand operations in Venezuela to encourage talks between the government of Nicolás Maduro and the country’s political opposition toward a presidential election this year.
- Washington had previously authorized Italy’s ENI S.P.A. (NYSE: E) and Spain’s Repsol S.A. (OTC: REPYY) to recoup pending debts in Venezuela by taking Venezuelan crude for European refining.
- The report further noted that the authorized shipments could slightly boost Venezuela’s crude exports, which last year remained almost unchanged year-on-year.
- Price Action: CVX shares are trading lower by 1.34% at $171.65 in premarket on the last check Wednesday.
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Read More: Yahoo Finance – Chevron Eyes First Cargo Export Of Venezuelan Crude After Winning US License
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