Related Articles
Venezuelan refineries are unable to produce their own diluent
Forward article link
Share PDF with colleagues

Letter from South America: Venezuela secures Iranian lifeline

The crude-for-diluent swap deal with Iran is underway

The Venezuelan oil industry continues to defy the odds by finding a way to survive even in the most desperate of times. The announcement last month of a deal between state-owned Pdvsa and fellow state oil firm National Iranian Oil Company—essentially to swap diluent for crude—means Venezuela can limp along for the foreseeable future. And it seems as though the deal does not just exist on paper: the first very large crude carrier laden with 2mn bl of Orinoco Belt heavy crude is departing Venezuelan waters this month, after disgorging its original cargo of Iranian condensate in the sanctions-strapped South American nation. As the Iranian oil industry is also dealing with US sanctions, the two



{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
US renewables sector faces near-term challenges
26 January 2022
Supply-chain issues and rising costs present short-term difficulties for sector poised for rapid growth
INOC sets the stage for oil uptick
26 January 2022
Control for Iraq’s new NOC of one of the country’s biggest oil assets may just be a first step in Baghdad’s strategy
TotalEnergies quits Myanmar
25 January 2022
The French major is transferring its stake in the Yadana gas field to its partners
Sign Up For Our Newsletter
Project Data
PE Store
Social Links
Social Feeds
Featured Video