Chevron sold its first shipment of oil to Phillips 66 after the license was relaxed, one of the largest buyers of Venezuelan oil before the imposition of US sanctions against PDVSA. The company expects to export at least 1.5 million barrels of crude oil in January, according to Bloomberg
A few weeks after the license to expand operations for Chevron Corp. in Venezuela was issued, the US company managed to sell a shipment of Venezuelan crude oil to Phillips 66, another refinery in the US, as part of its first transactions after the lifting of sanctions, as reported by the news agency Bloomberg.
According to one source, heThe transnational company Chevron sold 500,000 barrels of oil known as “Hamaca,” which will be processed at the company’s refinery in Sweeny, Texas.
Chevron is expanding sales of Venezuelan crude beyond its own refining network just weeks after US sanctions relief allowed the oil giant to return key managers to the country and resume operations. The transactions appear to advance US President Joe Biden’s twin goals of re-engaging with the Nicolás Maduro administration and increasing crude supplies available to US fuel makers.
Bloomberg He said Chevron followed up on the Phillips 66 deal with an agreement to sell Venezuelan Boscán oil to another US Gulf Coast refiner, according to the source consulted. The oil giant declined to comment on the matter and Phillips 66 did not return an email seeking comment.
Chevron, which first found oil in Venezuela more than a century ago, will export at least 1.5 million barrels of crude this month. About half of those barrels will go to Chevron’s Pascagoula refinery in Mississippi.
Crude output from Venezuela, once the largest supplier of crude to Gulf Coast refineries, has declined amid US efforts to push Nicolás Maduro out of power by deeming his rule illegitimate. Daily production plunged to 656,000 barrels in November 2022 from 1.8 million barrels on average in 2018.
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