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ENI, Repsol Naphtha Cargo Arrives in Venezuela

OIL PRODUCTS

Venezuela’s state oil company PDVSA received a 260k bbl naphtha cargo delivered by ENI and Repsol Aug. 30, according to Bloomberg.

  • The naphtha shipment will be blended to make gasoline, Bloomberg said.
  • ENI and Repsol are the first European majors to send naphtha to Venezuela since the US imposed sanctions in 2019. Prior to the sanctions, Venezuela regularly exchanged refined products for crude.
  • The terms of the agreement between PDVSA, ENI, and Repsol have not been publicized, although it is thought that it will involve exchanging Venezuelan crudes for refined products.
  • Both firms had already received authorisation from the US State Department last year to import Venezuelan crudes into Europe as part of the initial deal. This aims to recoup debts from their joint venture in the South American state.
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