Venezuela Demands Payment for Natural Gas in Offshore Deal with Trinidad

Venezuela's oil minister, Delcy Rodriguez, announced that Trinidad and Tobago must pay for natural gas supplied by Venezuela. This comes after a U.S. license was granted to negotiate a joint project. The Treasury Department's approval requires U.S. company involvement until April 2026.

On Wednesday, Venezuela's oil minister Delcy Rodriguez emphasized that Trinidad and Tobago are expected to compensate Venezuela for any natural gas delivered, amid negotiations over a joint offshore project. This statement follows a recent U.S. license facilitating the deal.

The U.S. Treasury Department granted permission earlier this month after discussions between U.S. Secretary of State Marco Rubio and Trinidad's Prime Minister Kamla Persad-Bissessar. This authorization enables ongoing negotiations between companies in Trinidad and Venezuela.

Critically, the agreement stipulates that U.S. companies must be part of the project, with the current framework set to remain valid through April 2026, highlighting the significant role the U.S. plays in the regional energy sector.

(With inputs from agencies.)