An international journalistic investigation has uncovered that at least nine shipments of Venezuelan oil, valued at approximately $429 million, were sent to Cuba between May and September 2025. These shipments left no trace on maritime tracking systems or in the island's port entry records.
The report, released this Tuesday by La Prensa de Panamá, the Latin American Center for Investigative Journalism (CLIP), Armando.Info, Transparencia Venezuela, and Diario de Cuba, draws on internal documents from the state-owned Petróleos de Venezuela (Pdvsa). It unveils an alleged scheme of shipment triangulation through shell companies.
Complex Network of Shell Companies
The investigation reveals that three companies, registered in China, Singapore, and Hong Kong—Hangzhou Energy, Shineful Energy, and Forever Energy Trading—dispatched 47 million barrels of Venezuelan crude during this period, worth an estimated $2.6 billion.
According to three Pdvsa sources cited by the investigators, these companies were controlled through front men linked to Panamanian businessman Ramón Carretero Napolitano and Carlos Malpica Flores, nephew of Nicolás Maduro and former Vice President of Finance at Pdvsa.
Discrepancies in Shipping Records
The oil shipments intended for Cuba were recorded under the name of Cubametales, the state entity responsible for importing fuels, which is connected to the military conglomerate GAESA.
One of the most significant cases occurred on August 2, 2025, when the vessel Halima loaded 1.1 million barrels of Merey 16 crude, with Cubametales as the declared recipient. Two days later, the same tanker received another million barrels, this time consigned to Forever Energy Trading, one of the companies highlighted in the investigation.
A Pdvsa source indicated the plan was to offload the crude in Matanzas initially and then proceed to Malaysia, where it would be traded using cryptocurrencies to obscure the transaction trail.
Untraceable Oil Deliveries
However, Pdvsa's own internal records do not confirm these deliveries to Cuba were executed. None of the identified ships officially reached Cuban ports, as no arrivals in Matanzas, Havana, or Cienfuegos were recorded by maritime platforms like MarineTraffic, VesselFinder, or Global Fishing Watch.
The University of Texas Energy Institute detected six Venezuelan shipments to Cuba between June and September 2025, but none matched the ten operations that Pdvsa's internal documents indicated were destined for Matanzas.
The Skipper's Offshore Transfers
The complexity of the scheme is further illustrated by the case of the tanker Skipper, intercepted by U.S. forces on December 10, 2025, while carrying oil contracted by Cubametales and Shineful Energy. Having departed Venezuela six days earlier for Matanzas, the ship transferred part of its cargo to the Neptune 6 at sea before continuing to Asia, according to Kpler data cited by The New York Times.
Following the interception, the Cuban regime condemned the operation as an act of "maritime piracy and terrorism," asserting it worsened Cuba's already severe energy crisis.
Cuba's Energy Crisis Intensified
The suspected oil shipments took place amid one of the worst energy crises in recent Cuban history. On July 21, 2025, the Electric Union reported a record deficit of 2,045 MW, resulting in blackouts exceeding 12 hours daily across numerous provinces.
Despite the dire situation, much of the fuel supposedly bound for the island, per Pdvsa documents, cannot be traced in public records.
Sanctions and Ongoing Silence
Further revelations include that Ramón Carretero's dealings with the Cuban regime extended beyond oil, involving close ties with Raúl Rodríguez Castro, grandson of Raúl Castro, known as "El Cangrejo." This relationship was highlighted by a plane crash on September 24, 2025, at Venezuela's Maiquetía airport, where flight logs confirmed both were onboard.
On December 11, 2025, the U.S. Department of the Treasury sanctioned Carretero and Carlos Malpica Flores, extending sanctions to their families and associated businesses.
By April 2026, Miguel Díaz-Canel publicly acknowledged the severe impact on Cuba's economy following Nicolás Maduro's capture but avoided disclosing details about oil imports. "I won't give you figures because these are closely watched by U.S. intelligence services to see how they can affect us," he stated.
Journalists from the international alliance sought explanations from Cupet and the Ministry of Energy and Mines but received no response. Thus, the primary question remains: if shipments left Venezuela for Cuba and never appeared in the island's port records, what happened to the oil valued at nearly $429 million?
Key Questions About Venezuela's Oil Shipments to Cuba
What was the value of the Venezuelan oil shipments to Cuba?
The shipments were valued at approximately $429 million.
Which companies were involved in the alleged triangulation scheme?
The companies involved were Hangzhou Energy, Shineful Energy, and Forever Energy Trading, registered in China, Singapore, and Hong Kong, respectively.
What was the Cuban regime's response to the interception of the oil tanker Skipper?
The Cuban regime denounced the interception as an act of "maritime piracy and terrorism," claiming it worsened the country's energy crisis.