U.S. refiner Marathon Petroleum says it will be bidding for Venezuelan crude oil
Marathon is interested in bidding for Venezuelan crude oil,, the company said on Thursday, as the U.S. administration prepares to start raising imports of oil from the South American country after the ouster of its president Nicholas Maduro on January 3.
The company declined to say whether there will be an auction.
Caracas and Washington reached a deal this week to export up to $2 B worth of Venezuelan crude, some 30 MMbbl–50 MMbbl, to the United States.
Venezuela-owned refiner Citgo Petroleum also is seeking to participate in any auction of Venezuelan crude oil, its board decided on Thursday, according to two company sources. The company has not been allowed to import Venezuelan crude for years after it severed ties with its parent, Caracas-headquartered oil firm PDVSA, in 2019. Citgo did not immediately reply to a request for comment.
U.S. Gulf Coast refiners, some of which are geared to process more of the type of oil that Venezuela produces instead of what the U.S. produces, are expected to be the biggest beneficiaries from an easing of sanctions against Venezuela (learn more).
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