Market Chatter: Eni, Repsol Struggle to Recover $6 Billion in Gas Payments From Venezuela Amid Tighter US Sanctions

MT Newswires Live01-06

Eni S.p.A (E) and Repsol are battling to recover about $6 billion owed by Venezuela for gas supply amid tighter US restrictions, the Financial Times reported Tuesday, citing two people familiar with the matter.

The European energy companies have for years supplied Venezuela with gas and naptha, a key additive to dilute the country's heavy crude.

Venezuelan authorities compensated the companies with shipments of crude oil up until March last year when the US tightened sanctions against the Latin American country, FT said.

Both companies have since continued supplying gas to Venezuela without payment in cash or crude, instead accumulating IOUs, and are now facing indifference from US officials about the debt, according to the paper.

Eni and Respsol did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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