US-based oil major Chevron is continuing to increase its operational activities in Venezuela after being granted a license by the US Government to increase the scope of its operations there.
A tanker with the first shipment of crude oil from Venezuela to the US is soon to, or already has, set sail, with its cargo destined for Chevron’s refinery in Pascagoula, Mississippi. Another tanker carrying half a million barrels of heavy naphtha also arrived in Venezuela recently. Both shipments relate to the Petropiar joint venture, with the shipment of heavy naphtha being intended to support the crude upgrader there.
The US Government awarded Chevron a six-month license to resume limited operations in Venezuela as part of efforts to encourage political dialogue there. Speaking in a recent TV interview with Bloomberg, Mike Wirth, the CEO and president of Chevron, said that his company was the only US firm still operating in Venezuela and explained the nature of its activities there:
“The Gulf Coast refineries were actually designed to process crude coming out of Venezuela. So we will see a flow of oil into the US and get some cash. They owe us some money for loans and things we’ve done over the years there.”
He added that this initial step could lead to further developments later.
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