Eni receives Venezuelan crude in Italy

Italian integrated Eni has taken receipt of a cargo of Venezuelan crude as part of an oil-for-debt swap. The cargo has partially discharged at the port of Genoa, Italy.

The Suezmax-class Seavoyager took crude from Venezuelan state-owned PdV around 19 October. It entered the Mediterranean and sat offshore Malta until 26 November. A 280,000 bl portion appears to have been lightered around 26-27 November onto the smaller Seaexplorer, which is sitting off the Italian west coast port of Livorno. Around 390,000 bl was discharged at Genoa.

Eni told Argus "it has been recovering its receivables with PdV through crude supplies, in full compliance with all relevant regulations. The Seavoyager cargo is part of this receivables recovery activity." Eni has a 50pc stake in the Perla gas field Cardon 4 venture in Venezuela.

Venezuelan crude is subject to secondary US sanctions, which means non-US companies can still purchase it provided they do not make payments in US dollars or through US banks.

Another tanker, the Whistler Spirit, discharged Venezuelan crude at Genoa in September, but Eni said then that it was not the recipient.

The Seavoyager is now at anchor outside the Genoa Multedo oil terminal, which Eni operates through its subsidiary Porto Petroli. Argus estimates it has around 295,000 bl on board.

By Adam Porter