Repsol Boosts Venezuelan Oil Imports Amid Joint Venture Expansion

Repsol, a Spanish oil company, has increased its oil imports from Venezuela and is boosting production at its joint venture with PDVSA. This move follows an agreement with the Venezuelan state oil company PDVSA under U.S. authorization. The company's Spanish refineries processed over 5 million barrels in the latest quarter.

Spanish oil company Repsol has significantly increased its oil imports from Venezuela as production rises at its joint venture with state oil company PDVSA, CEO Josu Jon Imaz announced on Wednesday. This development is part of a U.S.-sanction-exempt deal where European companies receive Venezuelan oil to settle debts.

In the second quarter, Repsol's Spanish refineries processed over 5 million barrels of Venezuelan crude, more than double the volume from the previous quarter. 'We are entering a new dynamic in Venezuela, and that is important,' Imaz stated during an investor call discussing second-quarter results.

Repsol is investing in the Petroquiriquire joint venture with PDVSA to further boost production. Petroquiriquire, in which PDVSA holds a 60% stake and Repsol 40%, operates in several regions of Venezuela, including the productive Monagas North area.

(With inputs from agencies.)