White House discusses Chevron's Venezuela waiver
Chevron's upgrader in Jose, Puerto La Cruz, Venezuela
Existing sanctions waiver is due to expire on July 27
Chevron is last remaining U.S. oil major in crisis-hit country
By Alyza Sebenius and Kevin Crowley / Bloomberg
Petroleumworld 07 11 2019
The White House is discussing a renewal of Chevron Corp. 's license to operate in Venezuela despite sanctions on the country, said President Donald Trump's top economic adviser, Larry Kudlow.
“It is under discussion,” Kudlow told reporters at the White House on Tuesday. “Chevron has done a great job. They have a long and illustrious tradition as you may know in Venezuela.”
Chevron is the only remaining U.S. oil major in Venezuela and wants to extend a waiver that is due to expire on July 27 to continue its joint venture with state-owned Petroleos de Venezuela SA .
The U.S. has refused to recognize Nicolas Maduro as the country's president after an election last year. Financial sanctions have become its main tool for depriving the Venezuelan leader of cash and pressuring the military to turn against him. Oil purchases from Venezuela have become complicated since the U.S. expanded its sanctions regimen to include any business done with PDVSA, as the national oil company is known. Other companies, including Spain's Repsol SA and Italy's Eni SpA , continue to do business with Venezuela.
Also See: Chevron Is Playing a Long Game in Venezuela's Oil Fields
Chevron only got about 42,000 barrels of oil a day from its Venezuelan affiliate in 2018, roughly 1% of the company's global output, but the country is home to the world's largest oil reserves and is a potential bounty for oil companies if Maduro were to leave office.
Story by Alyza Sebenius and Kevin Crowley from Bloomberg.
bloomberg.com/ 07 10 2019
We invite you to join us as a sponsor.
Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.
Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.
We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.
Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.
Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to firstname.lastname@example.org
By using this link, you agree to allow PW
to publish your comments on our letters page.
Any question or suggestions,
please write to: email@example.com
Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels