Venezuelan oil is actively supplied to China, despite US sanctions

According to the agency, a network of shell companies and the “disguise” of fuel with chemical additives are used for this purpose.

Millions of barrels of Venezuelan oil are secretly shipped to China, despite restrictions imposed by Washington. This statement is given in the material published by Bloomberg.

Its journalists got acquainted with the documents that allegedly indicate that a network of shell companies is used to implement these transactions, cargo is transferred from one ship to another. According to the agency, a method is also used. The composition of oil from Venezuela is changed with the help of chemical additives to sell it under the guise of another one.

According to the assessment given in the material, the companies “hide the origin of oil and deliver it to Asia.” In this regard, Chinese processing plants have become “vital” for the Venezuelan oil industry, the publication says.

The agency cites data according to which, with the participation of the Swiss company Swissoil Trading, at least 11.3 million barrels of Venezuelan oil were allegedly sold to China in 2020. Representatives of the firm said that they do not engage in such transactions.

According to Bloomberg, in November 2020 alone, Venezuela exported 15 million oil worth about $660 million. According to the agency, representatives of the US Treasury Department did not comment on the allegations made in the material but assured that they consider the US sanctions effective.

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Author: Ivan Maltsev
The study of political and social problems of different countries of the world. Analysis of large companies on the world market. Observing world leaders in the political arena.
Function: Chief-Editor
Ivan Maltsev

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