Chevron In Talks Regarding License Renewal For Venezuela Operations
Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. Recently, as per reports, the Trump Administration is discussing the renewal of Chevron Corp.’s license due to expire on July 27, to continue operations in Venezuela as informed by Larry Kudlow, economic adviser under Trump’s Administration. Chevron Corp, the only U.S oil major wants to continue operations with state-owned Petroleos de Venezuela SA (PDVSA), even though the oil major roughly makes 1 percent of its global output from the venture. Venezuela deems to be the world’s largest oil reserves with several oil companies pouring in for potential business opportunities.
“It is under discussion. Chevron has done a great job. They have a long and illustrious tradition as you may know in Venezuela.” stated Larry Kudlow at the White House as reported.
Oil purchases from Venezuela have become difficult, after U.S expansion of sanctions regimen including doing business with Petroleos de Venezuela SA and after the U.S denied to regard Nicolas Maduro as the country’s president, after last year’s election.
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