US multinational Chevron obtains license to import Venezuelan oil

Sputnik – On Saturday (26), Chevron confirmed to Sputnik that it received authorization from the US government to extract oil in Venezuela, adding that the company is determined to maintain a constructive presence in the Latin American country.

The US granted the new license after the Venezuelan government, led by President Nicolás Maduro, and the opposition resumed talks in Mexico City and reached an agreement on resolving the humanitarian crisis in the country, including an agreement on continuing focused dialogue in the 2024 local elections.

“Chevron confirms receipt of General License No. 41 issued by the Office of Foreign Assets Control (OFAC) authorizing the production and withdrawal of petroleum or petroleum products produced by Chevron Joint Ventures (JVs) , and to perform maintenance, repair or related maintenance on Chevron’s JVs,” a company spokesperson said in a statement sent to Sputnik, adding that the US government’s decision brings more transparency to the industry.

The new license, according to the spokesperson, means that Chevron can now market Venezuelan oil that is being produced from the company’s joint venture assets.

Earlier in the day, a senior US government official said the Treasury had issued a time-limited general license authorizing Chevron to resume natural resource extraction operations in Venezuela, which will take effect for six months. Despite this, Washington retains the authority to change or revoke the authorization at any time if Maduro fails to negotiate in good faith or fails to fulfill his commitments to the opposition.

The US official pointed out that, under the license, the Venezuelan state oil company PDVSA will not receive profit from the sale of oil because the profits obtained will go towards the payment of the debt to Chevron.

Furthermore, the US official underscored that US sanctions and restrictions imposed on Venezuela remain in effect and that this decision should not be interpreted as a permissive environment regarding sanctions. However, the US says it is considering adjusting sanctions against Venezuela, which will require the Venezuelan government to take concrete action on certain issues.

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