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Valero Energy (NYSE:VLO) is seeking permission from the Biden administration to import Venezuelan crude oil, hoping for a repeat of the approval granted to Chevron after a four-year ban, Reuters reported Thursday.
Valero (VLO) reportedly is asking the U.S. Treasury Department for a Chevron-style exemption from sanctions that would allow it to purchase crude directly from Venezuela's state-run oil company PDVSA.
No decision appears imminent, signaling that the U.S. still does not want to be seen further easing Venezuela sanctions until President Nicolas Maduro makes political concessions to Venezuela's opposition, according to the report.
Before oil sanctions were imposed on PDVSA in 2019, Valero (VLO) was among the top three U.S. receivers of Venezuelan crude through long-term supply contracts that have not expired.
Valero Energy (VLO) is a "solid domestic refiner" but is "bracing for headwinds," Fun Trading writes in an analysis published recently on Seeking Alpha.