Venezuela's Oil Monopoly Eases with Deal to Allow Private Firm to Import Diesel [BNN Bloomberg (Canada)]
REPSOL SA SP/ADR (REPYY)
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Source: BNN Bloomberg
The country's oil minister granted Eway, founded in 2022 to cater to the private aviation industry, a permit in March to import low and ultra-low sulfur diesel and gasoline from its storage facility in Colombia, Eway's executive president Luis Leon said in an interview with Bloomberg. The company is in talks with authorities on settling the sale price before bringing the fuel into the country, he added. The move signals Venezuela's willingness to open its monopoly on fuels given its state oil company, Petróleos de Venezuela S.A., has faced a decade-long struggle over the supply of diesel due to the mishaps of a deteriorated refining system. Eway says its strategy is to focus on products PDVSA doesn't provide to customers and industries, filling gaps in the local market. The initial scope will be limited to importing low sulfur diesel for industrial use only, Leon said. The company has been importing avgas, a fuel used by small aircrafts, including air ambulances and spray crops
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