Commodity trader Vitol plans to open an office in Venezuela, betting on the continuation of the U.S.-Venezuela oil agreement.
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Golden Ten Data reported on July 8 that, according to three sources familiar with the matter, Geneva-based commodity trader Vitol is making initial preparations to open an office in Venezuela. As Venezuela reached an agreement with the United States earlier this year, global traders are expanding their role in Venezuela's oil exports. This year, Vitol, Trafigura, and other trading companies have exported the majority of Venezuela’s oil production under agreements made with the state-owned oil company PDVSA. Sources indicated that Vitol’s plan to strengthen its presence in Venezuela demonstrates confidence in the continuity of the oil agreements and may also open the door to additional business opportunities. One of the sources said that the Caracas office will initially hire about 12 people, mainly in trade-related positions.
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