Valero Seeks U.S. Approval to Import Venezuelan Oil
By Marianna Parraga and Matt Spetalnick Reuters March 30, 2023

HOUSTON/WASHINGTON, March 30 (Reuters) – Valero Energy Corp VLO.N, the second-largest U.S. oil refiner, is seeking Washington’s permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.

President Joe Biden’s administration has eased some U.S. sanctions on the OPEC-member nation in an effort to encourage a political dialog with the country’s opposition. That has led to further pressure from U.S., European and Asian energy firms, but Washington has resisted any additional major steps for now.

Venezuelan oil resumed flowing to the U.S. in January under a Treasury Department license granted to Chevron that allowed it to expand output there and export the oil. Refiners including Valero and Phillips 66 have bought cargoes from Chevron, according to U.S. Customs and shipping data.

The Chevron decision came as part of negotiations for humanitarian aid and a presidential election. But efforts to fund the aid by releasing Venezuela’s frozen money abroad have stalled and no new talks have been scheduled since that time.

Colombia’s President Gustavo Petro tweeted this week that the U.S. has agreed to attend an international conference on Venezuelan democracy to be held in Bogota.
CHEVRON-STYLE EXEMPTION

Valero is asking the Treasury for a Chevron-style exemption from sanctions and allow it to directly purchase crude from Venezuela’s state-run oil company PDVSA, said one of the sources, who is based in Washington.

Other details of the Valero request were not immediately known. No decision appears imminent, the source said, signaling that the U.S., for now, does not want to be seen further easing Venezuela sanctions until President Nicolas Maduro makes political concessions to Venezuela’s opposition.