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Vitol Loads First US Naphtha for Venezuela
11 Jan
Summary
- Vitol is set to deliver naphtha to Venezuela this weekend.
- This shipment is under a U.S. government supply agreement.
- The naphtha will be used to thin Venezuela's crude oil.
Commodities trader Vitol is poised to load the inaugural shipment of naphtha from the U.S. Gulf Coast destined for Venezuela. This significant delivery is anticipated to occur this weekend, marking a key development under a supply agreement authorized by the U.S. government. The naphtha is essential for Venezuela's oil sector.
This vital commodity will function as a diluent, a substance used to reduce the viscosity of Venezuela's heavy crude oil. By thinning the crude, it becomes more manageable for transportation and refining processes, addressing logistical challenges.
The Hellespont Protector vessel has been chartered by Vitol to undertake this delivery. This operation highlights efforts to facilitate the flow of essential materials to Venezuela's energy industry, under specific governmental approval.
