According to informed sources, U.S. refiners such as Phillips 66 and Citgo Petroleum are seeking to buy heavy crude oil directly from Venezuela's state-owned oil company to maximize profits. They do not intend to procure through trading firms or U.S. oil major Chevron. Trading companies Trafigura and Vitol received the first licenses in January this year to export Venezuelan oil to the United States, as part of a $2 billion agreement between Caracas and Washington. Chevron has held authorization to operate and transport in Venezuela since last year.
U.S. refiners have previously purchased crude from the three companies mentioned above, as well as from other countries. Following the U.S. President's issuance of a general license at the end of last month, authorizing expanded oil imports from the OPEC member nation, the pool of buyers is expected to gradually widen.
Three sources confirmed that Phillips 66, a major U.S. refiner, has been seeking internal approval to purchase crude directly from Venezuela's state oil firm. One of the sources indicated that once preparations are complete, the company plans to charter tankers to load crude at the Venezuelan company's terminals. The sources requested anonymity due to commercial sensitivity.
A Phillips 66 spokesperson declined to comment on "business activities" but noted that the company's Gulf Coast refineries are capable of processing various types of crude, and access to heavy oil represents a valuable business opportunity. Last month, the company purchased Venezuelan oil at a price $9 per barrel lower than Brent crude.
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