Spain's imports of Venezuelan oil at highest in 20 years

By Reuters News

By Pietro Lombardi

MADRID, Oct 5 (Reuters) - Spain's crude oil imports from Venezuela through August were the highest in two decades following moves by Washington and Caracas to reopen the South American country's oil sector to international investment.

  • Between January and August, Spain imported 2.32 million metric tons of crude from Venezuela, the highest for this period since the 2.39 million tons imported in 2006, according to data released on Monday by Cores, an arm of Spain's energy and environment ministry.

  • In August alone, it imported 641,000 tons of Venezuelan crude, the highest for that month in Cores records going back to 1996.

  • Spain's largest oil company, Repsol, signed an agreement in April with the Venezuelan government and state energy firm PDVSA to gain operational control of an oil joint venture in which it remains a minority stakeholder and increase output by 50% in 12 months and triple it within three years.

  • In June, Repsol reached a preliminary agreement to potentially incorporate the ‌Horcon oilfield into its portfolio.

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