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Chevron May Take Venezuelan Crude in December

OIL

Chevron aims to start receiving cargoes of Venezuelan oil as early as December according to Reuters reports but Venezuela may be less willing to participate because they are unable to receive cash for the sales.

  • The renewal of a license last week reinstates privileges that Chevron used to have to operate in Venezuela. As well as preventing exchanges of cash, the terms state the crude must go to US refiners.
  • The cargoes can be used to reduce outstanding financial claims Chevron has against PDVSA. PDVSA and Venezuela's oil ministry have not publicly commented on the latest terms.
  • Prior to the US license decision, PDVSA thought that the crude volumes would generate about a third each for debt repayment, reimbursement of operational expenses to partner PDVSA, and the final third for capital expenses.
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Chevron aims to start receiving cargoes of Venezuelan oil as early as December according to Reuters reports but Venezuela may be less willing to participate because they are unable to receive cash for the sales.

  • The renewal of a license last week reinstates privileges that Chevron used to have to operate in Venezuela. As well as preventing exchanges of cash, the terms state the crude must go to US refiners.
  • The cargoes can be used to reduce outstanding financial claims Chevron has against PDVSA. PDVSA and Venezuela's oil ministry have not publicly commented on the latest terms.
  • Prior to the US license decision, PDVSA thought that the crude volumes would generate about a third each for debt repayment, reimbursement of operational expenses to partner PDVSA, and the final third for capital expenses.