Post #1326

Venezuela’s state oil company PDVSA has reportedly renegotiated the oil-for-debt deal struck last year with European firms Eni and Repsol in order to receive refined products while continuing to repay debt. According to Reuters, Washington has already approved the new terms of the agreement and Caracas will get some 330,000 barrels of naphtha this week at PDVSA's Cardón port (western Falcón state) from Italy's Milazzo refinery, a joint venture between Eni and Kuwait Petroleum International. The fuel deliveries would help Venezuela ease shortages, which have continued despite some improvements in recent years following the on-and-off reactivation of the country’s main four refineries. The new agreement also aims to boost oil shipments to Europe. https://venezuelanalysis.com/news/15839