Iranian condensate cargo begins discharging in Venezuela – sources

A 2.1-million barrel cargo of condensate supplied by Iranian National Oil Company to Venezuela’s PDVSA began discharging this week, according to two sources and tanker tracking data. This is the first of a swap deal between the state-run firms, who have agreed to a medium-term contract to exchange Venezuelan heavy crude for Iranian condensate. U.S. sanctioned Venezuela and Iran have since last year strengthened their cooperation. Both their state-run oil companies are barred by the U.S. Treasury Department. A second 2.1 million-barrel condensate cargo, contracted under the same swap agreement, is expected to arrive in Venezuelan waters in the coming weeks, the sources said.