Chevron seeks relief from Trump's Venezuela oil sanctions
Source: Gulf News
Chevron is actively lobbying for an extension and wants the US to make a decision
Published: June 01, 2019 17:28
Bloomberg
Houston: Chevron Corp is lobbying the US for sanctions relief so it can continue doing business in oil-rich Venezuela where President Donald Trump has been pushing for regime change.
Chevron executives have been telling local staff that the company expects waivers that expire on July 27 to be extended, allowing it to remain in Venezuela, said three people familiar with the company’s operations. Another person said Chevron is actively lobbying for an extension and wants the US to make a decision by mid-June so it can notify suppliers in advance.
The US has refused to recognise Nicolas Maduro as the country’s president after a sham election last year, and oil sanctions are its main tool for depriving the autocratic leader of cash and pressuring the military to turn on him. At the same time, if Chevron leaves, Maduro could take full control of assets the company invested in for decades and hand them over to Russian and Chinese explorers.
Sanctions imposed by the Trump administration in January barred US companies from dealing with any arm of the Venezuelan government or entities controlled by Maduro, but Chevron and some oilfield-service providers including Schlumberger Ltd. and Halliburton Co., were granted permission to continue operations until late July.
Read more: https://gulfnews.com/business/energy/chevron-seeks-relief-from-trumps-venezuela-oil-sanctions-1.64326537
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