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Despite Washington’s trade restrictions Venezuelan petrochemicals arrive in the United States

Despite Washington’s efforts to curtail trade with the gas and OPEC oil supplier, Venezuelan petrochemicals makers have arrived in the United States through a collaboration between the state-run chemical giant Pequiven and other partners.

According to customs data and tanker tracking, at least two segments of methanol, a widely utilized industrial product whose costs have increased this year, have been discharged at Houston area ports since October, as global sales of oil and petrochemical byproducts have increased rapidly in the South American regions.The shipments reflect a fresh and unannounced initiative by Venezuelan to increase earnings in the face of US sanctions on its oil sector, which have reduced critical petroleum exports to their lowest level in 77 years.

Sanctions imposed by the United States were intended to destabilize Venezuelan President Nicolas Maduro, whose previous election was deemed a farce by Washington. Maduro maintains that the 2018 election was free and fair.After a two-year hiatus, Mitsubishi Corp’s Venezuelan joint venture Metor will resume methanol shipments to the United States in 2021, according to a Mitsubishi representative. Pequiven and Petroquimica de are among Metor’s investors.

According to Refinitiv Eikon tracking data, the origin of one of the two methanol cargoes was designated on U.S. customs papers as Venezuelan key oil port of Jose, despite the fact that both traveled directly from. The Customs & Border Protection and the United States Treasury Department both declined to comment on the shipments.Metor was shipping methanol to South America, Europe, and Asia, according to Pequiven, which did not respond to Reuters’ requests for comment.

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