Caracas, 13 August (Argus) — Chevron-linked oil tankers have converged on Venezuela’s main terminals, with one already carrying a cargo of Boscan crude from Bajo Grande and another Hamaca crude from the Jose terminal.
The movements suggest Chevron has resumed loading Venezuelan crude for export in August under its restricted US license.
The Mediterranean Voyager arrived at the Jose port on 11 August seeking to load 340,000 bl of 10.5°API Boscan-type crude, according to a PdV log seen by Argus. Chevron chartered the tanker that was still near the Bajo Grande port in Lake Maracaibo in western Venezuela as of Wednesday morning, but headed to the US Gulf coast with about 350,000 bl of Boscan crude, ship tracking data from Kpler indicates.
The Canopus Voyager had loaded about 500,000 bl of 26°API Hamaca crude and as of Tuesday morning was offshore of the Jose port in eastern Venezuela, with no destination yet set, tracking data indicate.
Both tankers are ones that Chevron has chartered in the past to carry Venezuelan crude to its refineries in the US. Chevron did not comment on the loadings, but said it conducts its business in compliance with “… the sanctions frameworks provided for by the US government, including in Venezuela.”
Chevron had previously said it expected a “limited amount” of oil to flow from Venezuela in August after the US government returned its waiver to export Venezuela crude, to count against Venezuela’s state-owned PdV’s debt.
The return of more Venezuelan crude to the US market is expected to remove some support for sour crude and high-sulphur residue feedstock prices in the US Gulf coast.
By Carlos Camacho and Carla Bass
