In May, the US State Department allowed Italian companies Eni and Spain’s Repsol to start importing Venezuelan crude in exchange for billions of dollars in debt. So Venezuela’s first shipment of oil is sent to Europe in two years.

According to Reuters, a shipment of 650,000 barrels of Venezuelan crude oil to the oil company owned by the Italian company Eni is heading to Europe to send the country’s first shipment of oil exports to the continent after two years.

In May, the State Department wrote letters to Italian companies Eni and Spanish Repsol authorizing them to start importing Venezuelan crude oil in exchange for billions of dollars in debt from OPEC.

The second oil tanker owned by Eni, Pantanasa, is currently heading to Venezuela and is expected to deliver 2 million barrels of oil to Europe.

Evidence suggests that the shipment will be delivered to Eni by the Venezuelan state oil company later this month, and that the company could sell part of the crude to Repsol Spain for use at the Cartagena and Bilbao refineries.

The Maltese-flagged oil tanker Pantanasa is set to receive Venezuelan oil via ship-to-ship transfer in the port of Amova.

Venezuela’s oil exports hit a 19-month low in May.

European, Asian and American oil companies such as Eni, Repsol, Chevron and ONGC, which have joint ventures with the Venezuelan state oil company, owe billions of dollars as former US President Donald Trump suspends oil-for-debt contracts during his presidency. did.