The US has notified Italian energy company Eni that it can no longer be repaid for Venezuelan gas with oil from state-owned PDVSA due to sanctions. Eni is engaging with US authorities to find alternative payment options while ensuring compliance with international sanctions.
Foreign oil firms like Eni and Spain’s Repsol are navigating restrictions imposed since the Trump administration’s 2019 ban on Venezuelan oil imports.
The US Treasury had previously issued permits allowing international oil and gas firms, including Eni and Repsol, to operate in Venezuela despite sanctions. These companies accepted PDVSA oil to recover debts from investments in the Cardon IV gas joint venture, which supplies 30% of Venezuela’s natural gas.
Now, Trump is pressuring Venezuela by proposing 25% tariffs on US imports from countries buying Venezuelan oil and revoking Chevron’s license to drill and sell Venezuelan crude, aiming to push President Maduro to accept the return of more migrants from the US.Global Oil Terminals and France’s Maurel et Prom must exit Venezuela by May 27. Venezuelan officials did not comment outside business hours.
