Trader Buys Seized Gasoline Thought to Defy Venezuela Sanctions
- Shipowner diverted cargo to U.S. to avoid violating sanctions
- Kolmar agreed to pay $2.75 million to U.S. Marshals Services
Vehicles wait in line to refuel at a Petroleos de Venezuela SA (PDVSA) gas station in Caracas, Venezuela.
Photographer: Carlos Becerra/BloombergA legal battle over a gasoline cargo turned over to the U.S. by a shipowner worried that it violated sanctions against Venezuela appears to have ended with a court-ordered sale.
The U.S. District Court for the Southern District of Texas approved a bid from trading firm Kolmar Americas Inc. for $2.75 million for the 95-octane gasoline, according to an order filed last week. The cargo was sold at a steep discount to market prices because of a high content of manganese and other chemicals, said Paul Teta, Kolmar’s vice-president of public and government affairs. At current market prices, a cargo of 93-octane gasoline that meets standard specifications is valued at about $5.59 million, according to Bloomberg calculations.