Global oil trading houses have reportedly taken the lead in securing deals for Venezuelan crude, outpacing U.S. energy majors.
Vitol, Trafigura Eye Venezuelan crude
Despite President Donald Trump‘s announcement that U.S. majors would invest billions in Venezuela, the first companies to secure business in the country were Dutch-trader Vitol and Singapore-based Trafigura, two non-U.S. entities, reported Reuters on Monday. The U.S. government selected these companies to quickly restart Venezuelan oil exports, a crucial step before reconstruction can commence, as per the publication
Both Vitol and Trafigura have secured preliminary special licenses allowing them to negotiate and export Venezuelan crude, with Trafigura preparing to load its first cargo this week. The traders vied with Chevron Corp Full story available on Benzinga.com
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