Chevron can return to its Venezuelan oil fields in joint ventures with PDVSA.
picture:
Marco Bello/Reuters
WASHINGTON – The United States said it would allow it
chevron corp.
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to me Resume pumping oil of Venezuelan oil fields after President Nicolás Maduro’s government opposition coalition I agreed to implement a humanitarian program and to continue dialogue in Mexico City on efforts to hold free and fair elections.
After the agreement, the Biden administration Grant Chevron a license That would allow the California-based oil company to return to Venezuelan oil fields In joint ventures with the Venezuelan national oil company, Petróleos de Venezuela SA. The new licenseGranted by the Treasury Department, Chevron will be allowed to pump Venezuelan oil for the first time in years.
Biden administration officials said the license prevents PdVSA from receiving dividends from it Chevron Oil Sales. The officials said the United States is ready to revoke or modify the license, which will be valid for six months, at any time if Venezuela does not negotiate in good faith.
said Senator Robert Menendez (D-Chair of the Senate Foreign Relations Committee).
The U.S. policy shift may signal an opening for other oil companies to resume business in Venezuela, two years after the Trump administration imposed restrictions on Chevron and other companies’ activities there as part of a “Maximum Pressure” Campaign aims to overthrow the Maduro government.
Jose de Cordoba and Patricia Garib contributed to this article.
write to Andrew Restuccia at [email protected] and Collin Eaton at [email protected]
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