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Tuesday, February 27, 2024

Petroleum. Orlen sends Venezuelan oil to China

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Orlen, taking advantage of the temporary suspension of sanctions imposed on Venezuela, is acting as an intermediary in the trade of oil from that country and has “pre-chartered” a supertanker to load Venezuelan crude oil intended for China, Reuters reported. We have the company’s response.

As reported by Reuters, Orlen chartered a supertanker to load Venezuelan crude oil to China. This happened after the temporary relaxation of sanctions. The United States Department of the Treasury last month issued a license lifting sanctions on the production and export of crude oil from Venezuela.

Reuters, citing its sources, reported that the Olympic Trophy large tanker (VLCC) has been chartered for $13 million and is scheduled to be loaded in early December.

Washington has said it wants to see progress towards transparent presidential elections in Venezuela, as well as the release of political prisoners by November 30, otherwise it may reimpose sanctions.

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Orlen responds

Orlen’s press office wrote in response to questions from TVN24 Biznes that it “conducts trading activities and, like the world’s leading trading companies and leading oil companies, trades raw materials from many directions, including the Persian Gulf, the North Sea, the United States and, most recently, from Venezuela.

As noted, “the company’s activities are always conducted in accordance with international regulations and take into account applicable sanctions, including those regarding the supply of raw materials.”

“We confirm that ORLEN Trading Switzerland, ORLEN’s trading company, has chartered a tanker for the reception of Venezuelan crude oil, which is planned for December 2023. Pursuant to the charter agreement, the cargo can be delivered to many locations. The company does not anticipate its delivery to any refinery belonging to the ORLEN Group – neither in Poland nor abroad,” it was explained.

Main photo source: Shutterstock

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