Eni division received two 1m bbl shipments for loading in November

Venezuelan oil supplies are being resumed by the Italian energy company Eni, Reuters reports, citing the Venezuelan PDVSA. “Eni will resume the supply of Venezuelan oil after a four-month pause,” the agency writes, adding that according to the PDVSA document, Eni received two shipments of Venezuelan oil worth one million barrels for loading in November.

Against the backdrop of a reduction in oil supplies from the Russian Federation as a result of interaction with the US State Department in order to identify possible solutions to ensure and reimburse sustainable gas supplies to the local market that are not subject to sanctions, Eni and its JV partner Cardon IV in May 2022 obtained permission to receive from Venezuelan PDVSA payments in kind in the form of oil, the report said. Excluding the amount of raw materials sold, outstanding receivables in Eni’s share of Cardon IV gas supplies amounted to approximately $1.3 billion. In June-July 2022, the Italian Eni sold 2.1 million barrels on this market for €200 million, follows from the company’s report.

In August, Venezuela suspended shipments of new shipments of crude oil to Europe in exchange for debt relief, asking for fuel in exchange for future supplies, Reuters reported.