Venezuelan Oil Tanker Trapped In US Waters With No Credit

A Suezmax tanker carrying about a million barrels of
Venezuelan crude oil has been sitting near the Louisiana coast for
a month now, awaiting a letter of credit to start unloading,
according to sources who spoke to Reuters. The Karvounis, chartered
by Trafigura, carries crude for PBF Energy and the buyer has been
trying for weeks to find a bank willing to issue a letter of credit
– this is a standard procedure with oil cargos, ensuring that the
amount due for the crude will be paid within 30 days of delivery.
Only after a bank issues such…

A Suezmax tanker carrying about a million barrels of
Venezuelan crude oil has been sitting near the Louisiana coast for
a month now, awaiting a letter of credit to start unloading,
according to sources who spoke to Reuters. The Karvounis, chartered
by Trafigura, carries crude for PBF Energy and the buyer has been
trying for weeks to find a bank willing to issue a letter of credit
– this is a standard procedure with oil cargos, ensuring that the
amount due for the crude will be paid within 30 days of delivery.
Only after a bank issues such…