Petunia, the third of five Iranian tankers which carry fuel to Venezuela had already entered the South American country’s exclusive economic zone, tanker tracker data showed. Meanwhile, the first two ships, Fortune and Forest, were unloading cargoes at a port serving state-owned oil company PDVSA.
Venezuela’s President Nicolas Maduro is due to announce a fuel distribution plan in the coming days. Gasoline is heavily subsidized in Venezuela and that it is basically free. However, the oil-rich country has been suffering from severe gasoline shortages because PDVSA’s ability to produce the fuel has been crippled by underinvestment, lack of maintenance, and US sanctions.
Besides gasoline, the tankers also ship components for motor fuel production. PDVSA needs these components to recover some of its refining capacity. The company has a refining network with 1.3 million bpd capacity. However, its processing throughput for fuel production in May stood at just 215,000 bpd, compared to 110,000 bpd in March.
The US has criticized the petroleum trade between Iran and Venezuela, as it maintains sanctions on both OPEC members. An official from the country said that the White House is considering a response to the shipment.
