Friday, December 1, 2023

Supertanker chartered by Polish firm to load Venezuelan oil for China

Must read

The logo of Polish oil and gas group Orlen is displayed at a petrol station in Bialystok, Poland, Oct. 2, 2023. REUTERS/Kacper Pempel/File Photo Acquire Licensing Rights

HOUSTON, Nov 20 (Reuters) – Polish oil and gas firm Orlen (PKN.WA) has provisionally chartered a supertanker to load Venezuelan oil for China, according to a shipbroker and tracking data, following a temporary easing of U.S. sanctions on the South American country.

The Very Large Crude Carrier (VLCC) Olympic Trophy, chartered for $13 million, is scheduled to load in early December, according to a source and ship tracking data on Kpler.

Vitol (VITOLV.UL), the world’s largest independent oil trader, chartered a supertanker earlier this month to load Venezuelan crude for China. Commodities trader Trafigura (TRAFGF.UL) also chartered a vessel to carry Venezuelan fuel oil for exports, which is currently loading.

The U.S. Treasury Department last month issued a general license lifting, through April, sanctions on Venezuela’s oil production and exports, which has prompted early deals by trading houses buying cargoes from little known intermediaries that have been registered as customers of state company PDVSA.

Washington has said it wants to see progress towards a transparent presidential election in Venezuela, as well as a release of political prisoners, by Nov. 30 or it could reimpose the sanctions.

PDVSA and Orlen did not immediately respond to requests for comments.

Reporting by Arathy Somasekhar in Houston; Editing by Cynthia Osterman

Our Standards: The Thomson Reuters Trust Principles.

Acquire Licensing Rights, opens new tab

Houston-based energy reporter focused on oil markets and energy companies. Arathy closely tracks U.S. crude supply and its impact on global markets, ever changing crude oil flows, and reports on U.S. shale producers and oilfield service companies.
Contact: 832-610-7346

Latest article