Galp to get 1st shipment of Venezuela crude in Aug

LISBON, July 17 (Reuters) - Portugal's oil and fuel company Galp (GALP.LS) will receive the first shipment of 1 million barrels of crude from Venezuela in the first week of August, the transport ministry said in a statement on Thursday.

Last year, Galp signed an agreement with Venezuela's state-run oil giant PDVSA envisaging imports of oil from the South American country to account for up to 30 percent of Partugal's refining demand of over 300,000 barrels per day.

By the end of this year, imports should reach an average of 30,000 bpd under the agreement and then gradually triple over time. Portugal normally imports its crude from Angola and the Middle East. (Reporting by Andrei Khalip)