Valero Energy Corp. has purchased a cargo of Venezuelan crude, marking one of the first transactions by US Gulf Coast refiners under Washington’s agreement with Caracas to allow exports of up to 50mn barrels, Reuters reported.
Phillips 66 also bought a shipment, one of the sources said, underscoring the early return of Venezuelan oil to the US refining system after years of sanctions.
Both refiners acquired the crude from Vitol which, along with rival Trafigura, was among the first trading houses licensed by the US government to market Venezuelan oil following the removal of President Nicolás Maduro in early January.
The cargoes are being delivered to the US Gulf Coast at discounts ranging from $8.50 to $9.50 a barrel compared with Brent, the international benchmark, the sources said.
The deals represent the first US purchases from trading firms that only received authorisation this month to handle Venezuelan crude. Previously, Valero and Phillips 66 had accessed Venezuelan oil through arrangements involving Chevron, a partner of state-owned Petróleos de Venezuela SA (PDVSA).
The companies and Vitol declined to comment, while the White House did not immediately respond to a request for comment. The sources requested anonymity because the transactions are confidential.
Trading houses bought the crude at steeper discounts of about $15 a barrel to Brent, according to the people, a level also cited by US Energy Secretary Chris Wright, who said initial sales of Venezuelan heavy crude totalling about $500mn had been agreed at similar terms.
After accounting for shipping costs of roughly $2.50 to $3.50 a barrel to the Gulf Coast, traders are expected to earn margins of $2 to $4 a barrel.
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