Venezuela Defies U.S. Sanctions with First Iranian Oil Import

September 13, 2020

Author: 

Lucia Kassai and Fabiola Zerpa

Publication: 

Bloomberg

Related Country: 

  • Venezuela

An Iranian-flagged oil tanker alternatively known as "Honey" and "Horse" delivered two million barrels of condensate from Iran's South Pars field to the state-controlled Venezuelan port of Jose. The condensate will likely go to the Venezuelan state-owned enterprise Petroleos de Venezuela SA and be blended with Venezuela's lower-quality crude oil. The Iranian oil tanker, which belongs to the U.S.-sanctioned National Iranian Tanker Company (NITC), turned off its transponder before heading from the Persian Gulf to Venezuela. The shipment marks the first time that Venezuela has imported Iranian crude oil; Venezuela has already received shipments of Iranian gasoline. Iran has supplied Venezuela with 1.5 million barrels of gasoline so far this year.