Phillips 66 Emerges as Major Buyer of Venezuelan Crude Under U.S. Waivers

Phillips 66 has become one of the world's largest buyers of Venezuelan crude following waivers issued by the Trump administration that temporarily suspended certain restrictions affecting the company's ability to transport the oil, Forbes Daily reported.

A Phillips 66 refinery processes crude oil as U.S. energy companies expand their access to Venezuelan supplies. [Photo: Philips 66 Facebook]

The company said it has become the third-largest buyer of Venezuelan crude worldwide.

The waivers reportedly allow Phillips 66 greater flexibility in shipping and have enabled the company to expand its fleet.

The Jones Act generally requires goods transported between U.S. ports to be carried on vessels that meet U.S. requirements concerning construction, ownership and operation. Phillips 66 has reportedly received approximately 20% of the exemptions granted under the relevant waiver program.