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The Economic Times

Company / The Economic Times

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Dilapidated ports, old tankers complicate US oil companies Venezuela plans

Global oil firms are rushing to secure tankers and establish safe transfer operations for Venezuelan crude exports to the United States. Companies like Chevron, Vitol, and Trafigura are competing for U.S. government deals. Venezuela has stored significant oil on old, sanctioned tankers. Transferring this oil presents logistical and safety challenges due to aging infrastructure and vessel limitations.

11 Jan 2026 6:27 am