Eni Resumes Venezuelan Crude Imports Amid Eased Sanctions

Italian energy group Eni has recommenced lifting crude oil from Venezuela as part of a gas-for-crude agreement with PDVSA and Cardon IV. This move is aimed at recovering outstanding receivables, supported by eased U.S. sanctions. Eni was owed approximately $3.3 billion by the end of last year.

Italian energy company Eni has restarted the process of lifting Venezuelan crude oil this April, a strategic move meant to address longstanding financial receivables from Venezuela. The initiative follows a March agreement involving Venezuelan oil firm PDVSA and Cardon IV, a joint venture with Spain's Repsol, which allows payments for gas sales to be made in crude oil.

The revival of oil cargo shipments occurs as U.S. sanctions on Venezuela have been progressively relaxed since January, thanks to general licenses granted by the U.S. Treasury's Office of Foreign Assets Control (OFAC). This regulatory shift permits Eni to maintain operations in Venezuela and potentially expand its activities there.

With the relaxation of these sanctions, Eni has reported that by the end of last year, PDVSA owed them approximately $3.3 billion, of which around $1 billion was accrued interest. The company projects a recoverable value for these receivables at 880 million euros by the end of 2025.