Restoring Chevron operations in Venezuela depends on U.S. -minister.
Reuters reports Progress in relaunching oil major Chevron Corp’s (CVX.N) operations in Venezuela under U.S. sanctions on the country depends on licenses from Washington, Venezuelan oil minister Tareck El Aissami said on Tuesday.
The U.S. Treasury Department in May renewed a license that allows Chevron to operate in Venezuela under very restrictive terms. The company had requested expanded privileges to relaunch joint ventures with state-run Petróleos de Venezuela SA, or PDVSA (PDVSA.UL), and recover billions of dollars of outstanding debt by trading Venezuelan oil.
Venezuela is ready to move ahead with business with the California-based firm, following months of discussions between Chevron and PDVSA, El Aissami told journalists.
In May, Chevron was also granted a U.S. permit to negotiate with Venezuelan top officials.
“We are prepared, ready. We have discussed and agreed with them everything related to the immediate restitution of operations. But it no longer depends on us. The ball is on the U.S. government’s court,” the minister said.
