ECONOMY

Global refiners shun tankers carrying Venezuelan oil

global-refiners-shun-tankers-carrying-venezuelan-oil

Tankers carrying nearly two months’ worth of Venezuelan oil output are stuck at sea as global refiners shun the nation’s crude to avoid falling foul of US sanctions, according to industry sources, Venezuelan oil firm PDVSA documents and shipping data.

The Panama-flagged MT Kelly is one of the vessels stuck at sea. It sailed for Turkey in April with no charterer disclosed by PDVSA at its monthly loading schedule.

The vessel entered the Mediterranean only to turn around, sail back through the Strait of Gibraltar and steam around the coast of Africa, according to the data.

PDVSA, Venezuela’s oil ministry and Greece-based Altomare SA, commercial manager of the MT Kelly, did not reply to requests for comment.

Six other vessels, anchored off Malaysia, are managed by Greece-based Eurotankers Inc and have been waiting for up to four months to discharge, according to the Eikon data. [Reuters]