China, despite US sanctions, receives oil from Venezuela, the agency learned. We are talking about 13 batches of raw materials worth about $ 1.5 billion, while the country of origin is not officially indicated 756615014983429.jpg 673w” media=”(max-width: 320px) and (-webkit-min-device-pixel-ratio: 2), (max-width: 320px) and (min-resolution: 192dpi)” >
China has instructed its defense company to ship millions of barrels of Venezuelan oil despite US sanctions in what is believed to be part of a deal to pay off Caracas' debt to Beijing, Reuters reported, citing three sources and tracking data from the tanker.
According to the agency, since November 2020, the China Aerospace Scientific and Industrial Corporation (CASIC) has been transporting Venezuelan oil on three tankers, which it acquired in the same year from PetroChina, a subsidiary of PetroChina. China Petroleum Corporation (CNPC). Eikon tracking data showed three CASIC tankers with active transponders being loaded in Venezuela. The oil is stored at a base received by the aerospace corporation from PetroChina, Reuters sources said.
In total, CASIC received 13 oil shipments, about 25 million barrels. each, according to Venezuelan PDVSA loading schedules and tanker tracking data from Refinitiv and Vortexa Analytics. The raw materials are transported by two ships, which are due to arrive in China in September. The agency values all 13 shipments at $1.5 billion. One source said that Chinese customs did not indicate the origin of the raw material, and it was called “crude oil”.
The agency notes that Venezuela has a debt to China back in the days of President Hugo Chavez, in 2007. Then the country borrowed $50 billion in exchange for oil. It is not known how much remains outstanding.
In 2019, the China National Petroleum Corporation stopped shipping Venezuelan oil after increased US sanctions against the South American country. However, Reuters wrote that the export of raw materials to China continued. According to the agency, in the 12 months leading up to August last year, the country bought $3.5 billion worth of Venezuelan oil and labeled it as a bituminous mixture from Malaysia. Bloomberg also wrote about secret supplies to China of raw materials from Venezuela under other names.
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In May, Venezuelan Vice President Delcy Rodriguez announced that the United States had abandoned the restrictive measures that prevented the work of American and European oil companies in the country. At the same time, the US Treasury issued a narrow license: it gives permission to the American oil and gas company Chevron to negotiate a possible resumption of production in Venezuela, which was stopped as a result of US sanctions.