Eni and Repsol are fighting to recover $6 billion of gas payments that Venezuela owes them, reports FT

The Financial Times reported that European energy companies Eni and Repsol struggle to recover around $6 billion in gas payments from Venezuela, and are?facing an indifference by U.S. officials regarding the debt.

Eni, Repsol and the U.S. Treasury didn't immediately respond to "request for a statement. Could not verify the report immediately.

Eni, an Italian company, produces gas in Venezuela from the Perla offshore oil field, which is operated by a local company, Cardon IV, as a joint venture of 50-50 with Repsol.

Eni and Spain’s Repsol supplied Venezuela with large amounts of naphtha and gas?that are used to dilute heavy oil for easier transport,?the FT reported, citing sources familiar with the issue.

The report said that a person with knowledge of the situation told FT the "America First" policies of the Trump Administration was affecting European companies. They felt the lack urgency by the White House to resolve their payment issues.

Eni stated in March of last year that the U.S. authorities informed it that it would no longer be able to?repay for Venezuelan natural gas by using oil provided by PDVSA. Washington had warned PDVSA's international partners, which included Eni, that they planned to?cancel authorizations that allowed Venezuelan oil exports.

Oil swaps are a way for companies to get paid for joint venture debts. They can also secure refined products for PDVSA to distribute in the country.

(source: Reuters)