Chevron Gains Licensed Leeway in Venezuela Amid U.S. Sanctions
Chevron has received a restricted U.S. license allowing operations in Venezuela, with conditions preventing oil proceeds from reaching President Maduro's administration. The move aligns with U.S. relations revisited under former President Biden, allowing Chevron to maintain assets and potentially manage joint ventures with limitations in the OPEC nation.
Chevron has been given a restricted U.S. license to operate within sanctioned Venezuela, sources revealed on Wednesday. This license, however, restricts transferring oil proceeds to the Venezuelan government under President Nicolas Maduro, marking an intricate balance in geopolitical dynamics.
This authorization grants Chevron an opportunity to revive its operations in Venezuela, which had been previously constrained by an end-May deadline imposed during Donald Trump's presidency. This flexibility aids Chevron, alongside European partners like Repsol and Maurel & Prom, to venture into oil exports to the U.S. and Europe.
The current license allows Chevron management over joint ventures within Venezuela without financial transactions to the Venezuelan government. While uncertainties linger over crude allocations, Chevron remains compliant with global laws and U.S. sanctions. Neither the U.S. Treasury nor PDVSA responded regarding similar authorizations for others.
(With inputs from agencies.)
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