State-owned Chinese company imported Venezuelan oil under sanctions… out of debt
China has entrusted a defense-focused state-owned company to transport millions of barrels of Venezuelan oil despite US sanctions, as part of a deal to offset Caracas' billions of dollars in debt to Beijing, according to three sources. and tanker tracking data reported by Reuters.
China National Petroleum Corp (CNPC) stopped transporting Venezuelan oil in August 2019, after Washington tightened sanctions against the South American exporter, but, in fact, continued to import Venezuelan fuel through third-party carriers who classified the oil as "Malay", following a scam scheme widely used with the South American country and probably now with Russia.
Since November 2020, China Aerospace Science and Industry Corp (CASIC) has been carrying Venezuelan crude oil on three tankers purchased that year from PetroChina, the CNPC's publicly traded company, the sources said. The oil is stored in a tank farm also acquired by PetroChina, the sources said.
The three CASIC tankers were loaded in Venezuela with their active transponders, allowing for third party tracking, according to Eikon data.
According to cargo plans from Venezuelan state oil company PDVSA and tanker tracking data from Refinitiv and Vortexa Analytics, the company has taken 13 cargoes carrying a total of approximately 25 million barrels of oil, including two ships that will arrive in China in September.
The 13 shipments, worth about 1.5 billion dollars at the formula prices of Venezuelan crude of Merey quality, were declared "crude" at Chinese customs, without specifying their origin, another stroke of cunning that hid traffic so far. Think what will be happening now with Russian oil.
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The article Chinese State Company imported Venezuelan oil under sanctions … for a debt issue comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/societa-statale-cinese-ha-importato-petrolio-venezuelano-sotto-sanzioni-per-una-questione-di-debiti/ on Sat, 27 Aug 2022 07:00:54 +0000.