The first cargo of Venezuelan oil under an agreement between the United States and North American Blue Energy Partners (NABEP) arrived in Texas on Tuesday. The US government is to sell the crude to refineries operated by Exxon Mobil and Citgo. The article does not state the exact date of the arrival.
Terms of the agreement
NABEP said in a company statement that the cargo marks the start of a broader agreement with the US Departments of State and Defense. Under it, the US government gains the right to acquire 20 percent of NABEP’s production at cost, without profit margin. It also receives a 35 percent equity stake in NABEP’s parent company.
The agreement covers 17 oil fields, which NABEP has rights to drill. The fields contain 65 billion barrels of crude oil, according to the source. The agreement was announced in August by the Trump administration and the government of Venezuela’s interim president, Delcy Rodríguez.
Political visit to Texas
Donald Trump and Secretary of State Marco Rubio visited Corpus Christi, Texas, the same day the cargo was reported. They held a campaign rally and viewed a newly arrived tanker at the port. The reserves in the 17 fields are roughly one fifth of Venezuela’s total, the article reports.
Source: NABEP
