Reuters
Venezuela can now pay for gas received from Italian energy company Eni with crude oil thanks to a recent easing of U.S. sanctions, unlocking a situation that had left the South American country with significant debt to the oil company, Eni's CEO said on Thursday. [...]
TL;DR
- Venezuela can now pay Eni for gas with crude oil due to eased U.S. sanctions.
- This resolves a year-long payment issue and a debt of around $3 billion owed to Eni.
- The debt is for natural gas supplied from the Perla offshore field, co-operated by Eni and Repsol.
- PDVSA, Venezuela's state oil company, owes Eni and Repsol for the gas, previously hindered by U.S. sanctions.
- Eni is exploring joint ventures to increase oil production in Venezuela, which could speed up debt repayment.
- Eni may also export Venezuelan gas to Europe, potentially replacing Russian supplies.