Chevron Eyes First Cargo Export Of Venezuelan Crude After Winning US License

U.S. oil producer Chevron Corp CVX plans to export its first cargo of Venezuelan crude to its Pascagoula, Mississippi refinery after bagging a U.S. license in 2022.
The 500,000-barrel cargo of Hamaca heavy crude, to be loaded at state-run PDVSA's Jose port, comes from the Petropiar oil joint venture operated by both companies, Reuters reports.
As of Tuesday, the tanker prepared to carry the shipment, the Bahamas-flagged Caribbean Voyager, was waiting to load near Jose.
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Another Chevron-chartered vessel, the UACC Eagle, arrived on Tuesday in Venezuelan waters, carrying some 500,000 barrels of heavy naphtha to help operate Petropiar's crude upgrader.
In November 2022, Chevron won a 6-month license to expand operations in Venezuela to encourage talks between the government of Nicolas Maduro and the country's political opposition toward a presidential election this year.
Washington had previously authorized Italy's ENI S.P.A. E and Spain's Repsol S.A. REPYY to recoup pending debts in Venezuela by taking Venezuelan crude for European refining.
The report further noted that the authorized shipments could slightly boost Venezuela's crude exports, which last year remained almost unchanged year-on-year.
Price Action: CVX shares are trading lower by 1.34% at $171.65 in premarket on the last check Wednesday.