First Shipment of Venezuelan Oil Arrives in Texas

The first shipment of Venezuelan oil under the agreement between the US and NABEP has arrived in Texas. The shipment consists of one million barrels of heavy crude, which the US government will sell to Exxon Mobil and Citgo refineries.

According to the White House, the first shipment was handed over to the US free of charge. NABEP's initial statement said that Washington could purchase 20% of the oil at cost price, though the company later clarified that the first batch was sent at no expense to US taxpayers.

Under the agreement, Washington holds a 35% stake in NABEP's parent company. The company already has the right to operate at 17 fields in Venezuela.

According to NABEP, oil reserves at these fields amount to approximately 65 billion barrels. The company's daily production exceeded 223,000 barrels in October, compared to around 18,000 barrels two years ago.

Source: Reuters