Chevron's Venezuelan Oil Import Resumes Amid Sanctions
Chevron resumes importing Venezuelan crude to the U.S. as two tankers arrive, following a new license amid sanctions. The voyages highlight ongoing negotiations with PDVSA and are part of Chevron's strategic operations. Previously suspended due to sanctions, this move marks a resumption in limited Venezuelan oil flow.
In a significant development, Chevron has resumed its import of Venezuelan crude oil into the United States, as highlighted by the arrival of two tankers on Thursday. This marks the first import of oil from the South American nation since the imposition of strict U.S. sanctions curtailed trade.
The U.S. Treasury Department recently issued a restricted license granting Chevron the ability to conduct operations and export oil from Venezuela, an OPEC-member country. This comes after a halt was triggered by enhanced sanctions policies against Venezuela. The Mediterranean Voyager and Canopus Voyager, two tankers, have imported Boscan and Hamaca crudes following talks with PDVSA, Chevron's partner in various joint ventures.
The tankers are expected to discharge their cargo in Port Arthur, Texas, and New Orleans, Louisiana. Chevron had previously announced plans to renew limited oil imports from Venezuela in August, aiming to sustain operations despite sanctions-related challenges. The Venezuelan government has condemned the sanctions, branding them as economic warfare.
(With inputs from agencies.)
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