US government receives first Venezuelan oil from NABEP at 'no cost', official says
USO•The US government received its first cargo of Venezuelan crude under a deal signed with producer NABEP in August, and the cargo was received at “no cost,” a White House official said. The crude will be sold to refineries operated by Exxon Mobil and Citgo Petroleum.
1. First cargo received
The US government received its first cargo of Venezuelan crude from a deal signed with producer NABEP in August, a White House official said. The cargo was received at “no cost” and will be sold to refineries operated by Exxon Mobil and Citgo Petroleum.
2. Purchase arrangement
Washington had previously said NABEP granted the US Department of State the right to purchase, at production cost, a guaranteed 20% of the off-take from all current and future fields NABEP will operate.
