Venezuela Signs Cooperation Deal with TotalEnergies Amid Renewed Commercial Activity
Venezuela's state-run oil company PDVSA has signed a cooperation agreement with TotalEnergies E&P New Ventures, a subsidiary of French energy giant TotalEnergues.
The deal was inked on Saturday at Miraflores Palace in Caracas by Acting President Delcy Rodriguez, PDVSA President Hector Obregon, and Francisco Javier Rielo, TotalEnergies' senior vice president for the Americas.
The agreement comes after TotalEnergies moved to restart its commercial activity in Venezuela following its earlier exit from the country's oil industry. In April, the company said it was close to signing trading contracts with PDVSA as the two sides advanced negotiations.
TotalEnergies plans to process Venezuelan heavy crude at its Port Arthur refinery in Texas, which has a capacity of 238,000 barrels per day.