Venezuela Assigns Oil to ONGC, Maurel & Prom as They Seek US Approval

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(Reuters, 1.Mar.2022) — Venezuela’s state-run oil company PDVSA has agreed to allocate cargoes to producers ONGC from India and Maurel & Prom from France to settle debts, but the deals await U.S. authorizations, two people close to the discussions said.

PDVSA in recent months assigned a 2 million-barrel cargo of heavy crude to ONGC (ONGC.NS) and 1 million barrels to Maurel & Prom (MAUP.PA), the two firms that have progressed the most in negotiations with the state company to pay debts and late dividends, the people said.

Even though both firms agreed to the commercial terms of the deals, they have not received the oil at Venezuelan ports, the people added. Any cargo movement would need permits from the United States, which since 2019 has put restrictions on Venezuela’s oil sales under its sanction program.

PDVSA and ONGC did not reply to requests for comment. Maurel & Prom and the U.S. Treasury declined to comment.

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