Valero, the second-largest US refiner and a top buyer of Venezuelan oil from Chevron, plans to buy directly from PDVSA later in the year after it assesses the condition of Venezuela’s loading infrastructure, three other sources said.
The company has previously bought Venezuelan crude from Vitol for US Gulf Coast delivery. Valero is stepping up imports of Venezuelan oil with up to 6.5 million barrels of Venezuelan crude bound for its Gulf Coast refineries in March, making it the top foreign refiner of the South American nation’s oil.
The bulk of those purchases is expected to be through Chevron. Valero and PDVSA did not immediately reply to requests for comment.
Chevron and Vitol did not respond to requests for comment about any impact on their businesses from refiners seeking to buy directly. Trafigura declined to comment.