Venezuelan oil exports to Europe set to resume after two years

Venezuelan oil exports to Europe set to resume after two years

650,000-barrel-cargo of Venezuela's oil chartered by Italy's Eni is about to set sail carrying the first export of crude from the U.S.-sanctioned country to Europe in two years, Refinitiv Eikon data showed on Friday, Qazet.az reports according to Reuters.

The U.S. State Department sent letters to Eni and Spain's Repsol in May authorizing them to resume taking Venezuelan crude as a way to settle billions of dollars of unpaid debt and dividends owed by the OPEC-member nation.

That cargo is expected to be delivered by Venezuela's state-owned PDVSA later this month with an option for Eni to sell a portion of the crude to Spain's Repsol for its Cartagena and Bilbao refineries, according to the document and sources.

The Malta-flagged Pantanassa is scheduled to load via ship-to-ship transfer near Venezuela's Amuay port, the document added.