Oil Tycoon Gets License to Continue Buying Asphalt from Venezuela

Harry Sargeant III owns Texas-based Global Oil Terminals
Original contract was for six 95,000-barrel cargoes of asphalt

An oil tanker in the bay in front of the PDVSA Bajo Grande Refinery at the Paraguana Refinery Complex on Lake Maracaibo in Maracaibo, Zulia state, Venezuela. — An oil tanker in the bay in front of the PDVSA Bajo Grande Refinery at the Paraguana Refinery Complex on Lake Maracaibo in Maracaibo, Zulia state, Venezuela.
Photographer: Gaby Oraa/Bloomberg

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By Nicolle Yapur

May 27, 2024 at 6:47 PM UTC

This article is for subscribers only.

US energy magnate Harry Sargeant III secured a license to continue importing asphalt from Venezuela without breaching US sanctions.

Oil firms that want to stay or operate in Venezuela have been applying for permits from the US Treasury after Washington reimposed sanctions last month.