Venezuelan oil exports to Europe set to resume after two years -document, sources

By Marianna Parraga

(Reuters) -A 650,000-barrel-cargo of Venezuela’s oil chartered by Italy’s Eni is about to set sail carrying the primary export of crude from the U.S.-sanctioned nation to Europe in two years, Refinitiv Eikon information confirmed on Friday.

The U.S. State Division despatched letters to Eni and Spain’s Repsol in Could authorizing them to renew taking Venezuelan crude as a approach to settle billions of {dollars} of unpaid debt and dividends owed by the OPEC-member nation.

A second tanker chartered by Eni, the very massive crude provider (VLCC) Pantanassa, is at the moment navigating in the direction of Venezuela and anticipated to load 2 million barrels of the identical grade, diluted crude oil (DCO), and take it to Europe, in response to the Eikon information and a transport doc seen by Reuters.

That cargo is anticipated to be delivered by Venezuela’s state-owned PDVSA later this month with an possibility for Eni to promote a portion of the crude to Spain’s Repsol for its Cartagena and Bilbao refineries, in response to the doc and sources.

The Malta-flagged Pantanassa is scheduled to load through ship-to-ship switch close to Venezuela’s Amuay port, the doc added.

Eni, Repsol and PDVSA didn’t instantly reply to requests for remark.

Venezuela’s Could oil exports plummeted to the bottom degree in 19 months over contract modifications enforced by PDVSA to change most spot gross sales to prepayment, lowering the chance of unpaid cargoes. The change didn’t have an effect on clients below swap offers of debt fee agreements.

European, Asian and U.S. firms working joint ventures with PDVSA in Venezuela, together with Eni, Repsol, Chevron, ONGC Ltd, and Maurel & Promenade, have collected billions of {dollars} in pending debt because the authorities of then U.S. President Donald Trump suspended oil swaps used for exchanging Venezuelan oil for gas and debt funds.

(Reporting by Marianna Parraga; Modifying by Gary McWilliams)

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