Saudi Arabia’s tanker owner Bahri has dismissed reports that one of its very large crude carriers (VLCCs) was breaching U.S. sanctions on Venezuela. The company reports that the cargo, they’re accused of, was contracted on January 9, 2019, well before the U.S. sanctions were imposed against Venezuela on January 28, 2019. The company’s 303,000 dwt oil tanker Abqaiq is on its way from the Red Sea to pick up a cargo from the Port of Jose Terminal in Venezuela for one of its Indian customers.
Mainly, the company added that the Abqaiq voyage is to be completed prior to the end of the exemption period allowed to wind-down agreements.
The company noted that Venezuela is a frequent loading destination for the company’s oil tankers, as it delivers cargoes to ports in India and China. Therefore, the voyage to port of Jose is usual, in comparison to what the media stated.
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Moreover, the U.S. sanctions on Venezuela left more than 20 tankers, loaded with 9.6 million barrels of Venezuelan oil, stranded off the U.S. Gulf Coast in the initial ten days following their implementation.
Due to the sanctions, Venezuela’s crude exports decreased to 1.275 bpd in January, from 1.37 million that were delivered in December. US imports of Venezuelan crude averaged under 0.5 million b/d last year. The biggest buyer was Citgo, followed by Valero, Chevron and PBF.
Concluding, Bahri supports that it strictly adheres to and ensures full compliance with the applicable laws and regulations in every market where it operates.
