HOUSTON/CARACAS (Reuters) -- A 2.1-million barrel cargo of condensate supplied by Iranian National Oil Company (NIOC) to Venezuela’s PDVSA, the first of a swap deal between the state-run firms, began discharging this week, according to two sources and tanker tracking data.
PDVSA and NIOC have agreed to a medium-term contract to exchange Venezuelan heavy crude for Iranian condensate in a pact aimed at boosting the South American nation’s sagging oil exports, amid sanctions imposed by the United States.