Spain’s Repsol wins back control of Venezuelan oil operations
Deal with South American nation’s government includes guaranteed payment system and plan to triple production
Deal with South American nation’s government includes guaranteed payment system and plan to triple production

European groups continued to supply the Latin American country after the US increased economic pressure on Caracas

Licence allows nation’s state oil group to sell directly to American companies and on international market

Bounty viewed as symbolic follows licence to Chevron to produce oil in South American country

Facilities across Gulf Coast already well positioned to process imports from South American country

Shift in policy comes after US hostages were released by authoritarian leader Nicolás Maduro

Trump administration bets on US energy companies reversing the fall in crude output under Maduro