Energy transnationals operating in Venezuela are also awaiting authorization from the United States to fully resume business with PDVSA, although both ENI and Repsol have already received the green light to receive oil imports as a form of payment for the debt that the Venezuelan state company accumulates with both companies.
The subsidiary of Petróleos de Venezuela (PDVSA) in the United States, Citgo, is only waiting for the United States government to grant it to start importing oil from Venezuela.
According to the words of the executive director of Citgo, Carlos Jordá, during a participation in an online conference on Venezuelan assets abroad reviewed by Reutersresuming the import of Venezuelan crude oil would be a way to be more competitive in the energy market.
“To be competitive in the market, we have to buy the cheapest and most convenient crude. We should not be at a disadvantage with other refiners », he maintained.
His statements come in a context of months in which there has been speculation about a possible relaxation of the United States sanctions against the oil industry, a possibility that arose as a result of the visit of representatives of Joe Biden to Venezuela to hold a meeting with various political sectors, including the administration of Nicolás Maduro.
Although the initial hypotheses pointed towards an extension of the license granted by the Department of the Treasury to the transnational Chevron to operate in Venezuela with greater scope, this possibility was ruled out, since the license was actually granted, but under the same minimum operating conditions. on Venezuelan soil.
According to political analysts such as Tomás Socías López, a real change in this policy will not be seen at least until November, when the United States Senate elections are held and Biden determines the strength he will have in Congress.
In this sense, there could be a relaxation towards the end of 2022 or the beginning of 2023. That is why companies like Citgo are waiting for the green light to reestablish their operations with Venezuela.
Despite the fact that Chevron —which requested more lax conditions— agreed to the same conditions in the license issued, the United States did make an exception so that the transnationals Eni (Italy) and Repsol (Spain) would resume oil imports from Venezuela with the condition that this mechanism be used solely as a mechanism for PDVSA to pay the debt with these companies.
*Also read: The debts that ENI and Repsol seek to collect from PDVSA with oil
The president of the ad hoc board of PDV —holding that manages Citgo—, Horacio Medina, stressed that the company cannot afford to rule out alternatives such as the one that Venezuelan crude could represent for its operations.
“If authorized oil reaches the US Gulf Coast without penalty at competitive prices, especially if it is heavy crude, we would certainly have to evaluate it. I see no reason to be against that », he peeked.
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