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ENI, Repsol to Boost Oil-For-Debt Deal With Venezuela

OIL

ENI and Repsol plan to expand their deal with Venezuela, supplying oil products to the state-run PDVSA and boosting oil deliveries to Europe, according to Reuters.

  • Under the additional terms of the agreement, ENI and Repsol can supply Venezuela with refined products.
  • The first cargo to arrive under the expanded deal will be a delivery of 330k bbls of naphtha, scheduled to arrive this week.
  • 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.
  • So far PDVSA has allocated only seven crude cargoes to ENI, which takes the cargoes on behalf of both itself and Repsol.
  • Since the US imposed sanctions on Venezuela in 2019, oil swaps have been a means for companies to receive payment for joint-venture debt.
Energy BulletsCommodities
Energy BulletsCommodities

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