Trump Administration Gives Chevron Until June 3rd to Wind Down Venezuelan Operations

The US Treasury Department issued a new license to Chevron on Wednesday morning, giving the company until June 3rd to wind down its joint ventures in Venezuela with the state-run oil giant PDVSA.

The US Treasury Department issued a new license to Chevron on Wednesday morning, giving the company until June 3rd to wind down its joint ventures in Venezuela with the state-run oil giant PDVSA.

The new license, which also applies to Halliburton, Schlumberger, company Baker Hughes and Weatherford International, continues the restrictions imposed in the last waiver and does not authorize the companies to drill, sell, ship or trade Venezuelan oil.

The companies are also not authorized to repair or improve wells, hire additional staff or services, pay dividends to PDVSA or negotiate any new loans.

The license allows the companies only to conduct transactions with PDVSA “necessary for the limited maintenance of essential operations in Venezuela or the wind down of operations” by June 3RD. The companies would risk economic sanctions from the US government or punitive measures if they fail to comply.

Chevron has had a special US operating license exempting it from sanctions on Venezuela’s oil sector since January, but the latest waiver was due to expire on December 1st.


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