Published On: Thu, Jun 30th, 2016

BP receives its first Venezuelan crude cargo under swap deal in Curaçao

BullenbaaiWILLEMSTAD - Britain’s BP Plc this month received a Venezuelan crude cargo from Venezuelan state-run PDVSA. The first since the companies agreed on a swap arrangement to settle pending payments for U.S. oil shipments.

BP and China Oil won a tender launched by PDVSA in March to be supplied with U.S. and African light oil during the second quarter of this year. The light oil is needed to dilute Venezuela’s extra heavy output and for processing at Caribbean refineries.

After cash-strapped PDVSA did not make payments on time, BP in May halted further discharges of cargoes of U.S. crude at the port of Curaçao.

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