U.S. oil refiners that once were regular buyers of Venezuelan crude are jockeying to win access to coming cargoes chartered by Chevron Corp under a newly issued U.S. license, two people familiar with the matter said.
and Citgo Petroleum have shown interest in getting access to the oil Chevron is expecting in coming weeks, according to the people.
Some of these companies this week began contacting Chevron, shipping agencies and vessel owners to check timetables, the sources added. Chevron could prioritize its own refineries, especially Pascagoula, Mississippi, and El Segundo, California, which were regular receivers of Venezuela oil in the past.the company is not likely to add investment to boost Venezuela's output in the next six months as the sanctions framework will take time to be eased. The primary effect will be to allow some Venezuelan oil to flow back to the United States, "which will help the U.S. refining system," Wirth said.
A glut of Boscan crude in storage earlier this year forced a total shutdown of its processing. Draining those stocks must come first to restart output, PDVSA documents showed.
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