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Chevron (NYSE:CVX) has begun delivering gas to Venezuela’s state-run oil firm PDVSA, Reuters reported Thursday, after the Biden administration not too long ago eased sanctions on the nation’s oil sector.
Below phrases that indicate an growth of the earlier swap deal, Chevron (CVX) has begun supplying PDVSA with gas together with naphtha and gasoline mix inventory, in line with the report.
The primary vessel beneath the association arrived in Venezuela’s Jose port this week carrying 450K barrels of heavy naphtha for PDVSA, and a second tanker was being chartered this week to move 240K barrels of gasoline mix inventory for November supply, Reuters mentioned.
It’s not but clear if the gas shipments can be compensated with Venezuelan crude or beneath a unique fee mechanism, the report mentioned; the license clears the way in which to make and obtain funds from Venezuela, and to acquire items and providers for oil and fuel initiatives.