Spain's Repsol suspended its swaps of refining products for crude with Vene...
HOUSTON/MEXICO CITY - Spain’s Repsol suspended its swaps of refining products for crude with Venezuela’s state-run oil company PDVSA, people familiar with the matter said, as U.S. officials weighed penalties for foreign firms doing business with Venezuela.
The arrangement made Repsol one of the OPEC-member nation’s main fuel suppliers, alongside Russia’s Rosneft and India’s Reliance Industries, according to three sources and vessel-tracking data.On Thursday, a day after the United States decided not to take new actions against foreign companies doing business with Venezuela, Repsol said it had not suspended its program.
A final decision on whether Repsol will cancel the Venezuelan swap deal altogether, after it was first arranged in late 2018, has not yet been made, the sources said. As of Wednesday, the Achilleas, a Suezmax tanker chartered by Repsol, remained anchored off Venezuela’s Jose oil port, after loading about 1 million barrels of heavy crude on April 6, the Refinitiv data showed.Another Suezmax chartered by Repsol has been anchored off Jose for at least a week after loading Venezuelan oil, according to shipping sources and the Refinitiv data.
U.S. President Donald Trump’s national security adviser John Bolton told Reuters last month the administration was considering imposing sanctions on any companies outside the United States that do business with Venezuela.
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