Chevron (CVX) Tankers Deliver Venezuelan Crude to US Ports

Chevron Corporation (NYSE:CVX) is one of the best long-term stocks to invest in according to Warren Buffett. Two tankers chartered by Chevron carrying Venezuelan crude oil arrived in US waters on August 21. This marks the first US imports of Venezuelan crude in several months. The tankers are scheduled to discharge their cargo at US ports, with one headed to Port Arthur, Texas, and the other to New Orleans, Louisiana.

These oil shipments happened because Chevron received a restricted license from the Treasury Department in late July. This license allows the company to operate in Venezuela and export its crude. It reverses a previous, stricter sanctions policy that had been in effect since April and had caused a three-month pause in Chevron’s Venezuelan oil operations. However, the license carries a strict condition: no money from oil proceeds can be transferred in any way to the administration of Venezuelan President Nicolas Maduro.

Chevron Corporation (NYSE:CVX) is an integrated energy company. It explores, produces, and refines oil and natural gas while also manufacturing petrochemicals and transportation fuels. The company operates worldwide across the upstream, midstream, and downstream segments.

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Disclosure: None. This article is originally published at Insider Monkey.