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Tankers With Venezuelan Petrochemicals Reportedly Enter US Despite Sanctions
Tankers With Venezuelan Petrochemicals Reportedly Enter US Despite Sanctions
Sputnik International
The purported developments unfold as Caracas remains in the grip of US sanctions, aimed at prompting the ouster of Venezuelan President Nicolas Maduro. 19.11.2021, Sputnik International
2021-11-19T14:26+0000
2021-11-19T14:26+0000
2022-11-15T14:20+0000
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At least two tankers carrying Venezuelan methanol have arrived in the US despite Washington's sanctions against the South American nation's oil industry, according to tanker tracking and US customs data provide to Reuters by the consultancy firm IHSMarkit.Methanol, which is one of the most important basic chemicals in the petrochemical industry, can be found in gasoline, paints, carpeting, and plastics.Over the past few years, US methanol imports have outweighed exports amid a surge in methanol prices, IHSMarkit data showed.The two shipments of these petrochemicals, which were discharged at the US ports of Houston and South Louisiana, were reportedly produced by joint ventures between state-run Venezuelan chemical firm Pequiven (Petroquimica de Venezuela) and foreign partners.The US Treasury Department as well as the US Customs and Border Protection agency and Pequiven have not commented on the report yet.According to Pilarski, the firms also could take other steps to ensure Pequiven was not treated as the indirect seller. The sources apparently referred to the state-run Venezuelan oil and gas company PDVSA and Pequiven reportedly exporting about 1.75 million tonnes of petrochemicals and byproducts this year, as compared to the 1.03 million tonnes exported for the whole of 2020.US Sanctions Against Venezuela Since 2019, the US has slapped several rounds of sanctions against Venezuela, targeting the country's oil and gas sector in an attempt to facilitate the departure of President Nicolas Maduro in support of the former head of the National Assembly Juan Guaido, who in January 2019 proclaimed himself acting president of the South American nation.On 28 January 2019, the US Treasury Department designated the state-owned Venezuelan oil and gas company PDVSA as subject to sanctions and eventually blocked its property and interests under US jurisdiction, while also prohibiting American companies and individuals from engaging in transactions with the oil giant.In 2020, Washington also sanctioned two subsidiary companies of Russia's Rosneft for helping Venezuela to export its oil and later four foreign shipping companies for transporting the country's crude.Caracas has been struggling to find shipping companies willing to risk US sanctions, with oil production in the country eventually dropping by more than 1 million barrels per day.
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Tankers With Venezuelan Petrochemicals Reportedly Enter US Despite Sanctions
14:26 GMT 19.11.2021 (Updated: 14:20 GMT 15.11.2022) The purported developments unfold as Caracas remains in the grip of US sanctions, aimed at prompting the ouster of Venezuelan President Nicolas Maduro.
At least two tankers carrying Venezuelan methanol have arrived in the US despite
Washington's sanctions against the South American nation's oil industry, according to tanker tracking and US customs data provide to Reuters by the consultancy firm IHSMarkit.
Methanol, which is one of the most important basic chemicals in the petrochemical industry, can be found in gasoline, paints, carpeting, and plastics.
Over the past few years, US methanol imports have outweighed exports amid a surge in methanol prices, IHSMarkit data showed.
The two shipments of these petrochemicals, which were discharged at the US ports of Houston and South Louisiana, were reportedly produced by joint ventures between state-run Venezuelan chemical firm Pequiven (Petroquimica de Venezuela) and foreign partners.
The US Treasury Department as well as the US Customs and Border Protection agency and Pequiven have not commented on the report yet.
Reuters, meanwhile, has cited Daniel Pilarski, a partner at New York-based law firm, Watson Farley & Williams LLP, as saying that companies that export Venezuelan methanol to America could obtain a license from the US Treasury to proceed with the trade.
According to Pilarski, the firms also could take other steps to ensure Pequiven was not treated as the indirect seller.
Separately, Reuters quoted unnamed sources as saying that the methanol producing plants are "in [the] recovery process as proceeds from sales have [been] allowed" and that "even the United States is opening its doors to Venezuelan methanol".
The sources apparently referred to the state-run Venezuelan oil and gas company PDVSA and Pequiven reportedly exporting about 1.75 million tonnes of petrochemicals and byproducts this year, as compared to the 1.03 million tonnes exported for the whole of 2020.
US Sanctions Against Venezuela
Since 2019, the US has slapped
several rounds of sanctions against Venezuela, targeting the country's oil and gas sector in an attempt to facilitate the departure of President Nicolas Maduro in support of the former head of the National Assembly Juan Guaido, who in January 2019 proclaimed himself acting president of the South American nation.
On 28 January 2019, the US Treasury Department designated the state-owned Venezuelan oil and gas company PDVSA as subject to sanctions and eventually blocked its property and interests under US jurisdiction, while also prohibiting American companies and individuals from engaging in transactions with the oil giant.
1 February 2021, 22:09 GMT
In 2020, Washington also sanctioned two subsidiary companies of Russia's Rosneft for helping Venezuela to export its oil and later four foreign shipping companies for transporting the country's crude.
Caracas has been struggling to find shipping companies willing to risk US sanctions, with oil production in the country eventually dropping by more than 1 million barrels per day.
