Venezuela’s state-owned oil company, PDVSA, has reportedly established that fuel payments in foreign currency will be made directly into a U.S. Treasury Department escrow account for shipping companies and airlines operating in the country.
This condition was reportedly set forth in a letter from the Venezuelan oil company dated May 28, “issued by the Ministry of People’s Power for Hydrocarbons – and bearing the PDVSA (Petróleos de Venezuela) letterhead – which includes a notification issued by the U.S. Treasury.”
According to the document, airlines and shipping companies must deposit the corresponding amounts for JET A1, MGO, and IFO 380 fuel into the escrow account. This fuel is used by aviation (JET A1) and shipping companies (MGO and IFO 380).
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M.Pino
Source: eldiario
(Reference image source: Venti Views on Unsplash)
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