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PetroChina Set to Receive First Direct Venezuelan Crude Cargo

OIL

PetroChina's Jieyang refinery is set to receive its first direct Venezuelan crude cargo this weekend according to Kpler.

  • The plant started trial runs in late 2022 and was designed to process heavy oil such as crude from Venezuela.
  • Supertanker Elysia is carrying 2 mn bbls of Venezuelan Merey is due to arrive at Jieyang on March 24.
  • Reuters had reported in November that Venezuela’s PDVSA and PetroChina were in crude supply talks for the six-month US energy sanctions reprieve period.
  • A lack of progress towards fairer elections in Venezuela means an eased sanctions extension past April 18 looks increasingly unlikely at present.
  • After this date, PDVSA would likely go back to selling its crude via intermediaries and offering discounts to key outlets such as China.
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