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With President Nicol\u00e1s Maduro deposed, President Donald Trump wants US oil giants to revive Venezuela\u2019s energy industry. Though it\u2019s unclear who, if anyone, will take part, Chevron is already there.Source: Bloomberg<\/p>\n(Bloomberg) — Trafigura Group and Vitol Group, two of the world\u2019s largest commodities trading houses, are in discussions with US refiners to gauge interest in buying Venezuelan oil after President Donald Trump said the South American country would relinquish as many as 50 million barrels to the US.\u00a0<\/p>\n
The energy-trading giants obtained preliminary US Treasury licenses to sell the barrels, according to people with knowledge of the situation. Both have notified major US fuelmakers about an upcoming offer, one of the people said.\u00a0<\/p>\n
The offers for immediate delivery are not yet firm because legal details are being worked through, according to one of the people who asked not to be named discussing private matters.\u00a0<\/p>\n
Representatives of the companies were expected to attend a meeting with Trump and top officials at the White House on Friday, the people said.\u00a0<\/p>\n
Trafigura said it and Vitol are providing logistical and marketing services to facilitate the sale of Venezuelan oil \u201cat the request of the US government,\u201d in a statement late on Friday.<\/p>\n
\u201cTrafigura operates in full compliance with applicable sanctions and holds all necessary licenses to perform these transactions,\u201d it said.<\/p>\n
Vitol declined to comment, while the US Treasury didn\u2019t immediately respond to a request for comment.\u00a0<\/p>\n
Traders are jockeying for access to Venezuelan crude after the US pledged to control crude sales from the OPEC member in the wake of President Nicol\u00e1s Maduro\u2019s capture. An uptick in Venezuelan supplies could mark one of the most significant shifts in global energy markets in years.\u00a0<\/p>\n
With President Nicol\u00e1s Maduro deposed, President Donald Trump wants US oil giants to revive Venezuela\u2019s energy industry. Though it\u2019s unclear who, if anyone, will take part, Chevron is already there.Source: Bloomberg<\/p>\n
Although the country has the world\u2019s largest oil reserves, Venezuela\u2019s production has slumped after decades of underinvestment, trade sanctions and economic isolation.<\/p>\n
Under the terms of the special licenses, Trafigura\u2019s and Vitol\u2019s participation is restricted to the first tranche of 30 million to 50 million barrels touted by Trump, one of the people said. Still, it represents a formidable opportunity for the trading houses and comes at a time when some rivals are struggling to extract profits in a headline-driven market.\u00a0<\/p>\n
Last year, Vitol, the world\u2019s largest independent oil trader, moved around 7.2 million barrels a day of oil, and Trafigura handled close to 6.6 million.\u00a0<\/p>\n
The houses have a long history of Venezuelan oil deals. In recent years, Vitol has operated under licenses from the US Treasury to lift the country\u2019s crude. Earlier this week, Trafigura Global Head of Oil Ben Luckock said his firm was in talks with the US administration over a return to doing business with the South American nation.<\/p>\n
Trafigura and Vitol are in contact with US refiners to identify those interested in buying the oil and quantities involved, said one of the people, who added that sales are expected to kick off on Monday.\u00a0<\/p>\n
Any proceeds from oil sales are set to be deposited into US-controlled bank accounts for the benefit of both Venezuela and America, according to a fact sheet published by the White House on Wednesday. The US is also easing some sanctions to allow the execution of the plan.<\/p>\n
Reuters reported earlier Thursday that Vitol had been granted a preliminary license from the US Treasury to begin negotiations for importing and exporting oil from Venezuela.<\/p>\n
(Updates with comment from Trafigura in fifth and sixth paragraphs)<\/p>\n
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