Reported 5 months ago
Repsol SA, a Spanish oil company, has been granted a license by the US to continue operating in Venezuela past May 31, allowing them to expand their operations in the country. This decision comes as part of a process where oil firms operating in Venezuela are seeking permits from the US Treasury following the re-imposition of sanctions. Repsol recently signed a deal with state-owned Petroleos de Venezuela SA to jointly manage fields, with expectations to increase production to 20,000 barrels a day. The US aims to leverage sanctions to ensure fair presidential elections in July, with Repsol being one of the foreign oil companies assisting Venezuela's state-owned companies amidst years of gasoline shortages.
Source: YAHOO