Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Biden administration renews Chevron license in Venezuela

06/01/2021 | 12:55pm EDT

WASHINGTON, June 1 (Reuters) - Chevron Corp, the last major U.S. oil company still operating in Venezuela, received a new U.S. government license allowing it to remain in Venezuela until Dec. 1, the Treasury Department said on Tuesday.

The United States beginning in 2019 imposed sanctions barring imports of Venezuelan oil and transactions made in U.S. dollars with Venezuela's state-run oil company PDVSA, a move designed to starve the country of oil dollars and oust socialist President Nicolas Maduro.

Chevron welcomed the renewal, the first under U.S. President Joe Biden and the eighth since 2019. It continues "to comply with applicable laws and regulations," governing activities in Venezuela, said Chevron spokesman Ray Fohr.

The oil firm has been "a constructive presence in the country, supporting social investment and humanitarian programs," he added.

Chevron has had a special U.S. operating license exempting it from sanctions on Venezuela's vital oil sector, though the administration of former President Donald Trump last year modified the license to restrict the company from key activities like drilling and trading. The latest waiver was due to expire on June 3.

Tuesday's renewal of the license, which also applies to oil service companies Halliburton, Schlumberger Limited , Baker Hughes and Weatherford International, continues those restrictions.

The companies are also not authorized to repair or improve wells, hire additional staff or services, pay dividends to Venezuelan state-run 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 Dec. 1. The companies would risk U.S. government sanctions or punitive measures if they fail to comply.

(Reporting by Daphne Psaledakis, Luc Cohen and Gary McWilliams Editing by Marguerita Choy)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BAKER HUGHES COMPANY -2.58% 20.78 Delayed Quote.2.21%
CHEVRON CORPORATION -2.31% 100.26 Delayed Quote.21.49%
LONDON BRENT OIL -2.71% 70.38 Delayed Quote.41.61%
SCHLUMBERGER LIMITED -2.94% 28.02 Delayed Quote.30.55%
WEATHERFORD INTERNATIONAL -4.77% 16.405 Delayed Quote.186.67%
WTI -3.34% 68.063 Delayed Quote.48.11%
Latest news "Economy & Forex"
12:48pU.S. services sector growth accelerates despite supply constraints
RE
12:48pCallon Petroleum to buy Delaware Basin assets from Primexx for $788 mln
RE
12:47pDollar swings with yields in markets nervous ahead of jobs data
RE
12:28pMarathon Petroleum expects lower quarterly throughput on fuel demand woes
RE
12:25pU.S. Treasury's Yellen touts infrastructure bill as reducing economic inequality
RE
12:22pS&P 500 falls from record high as job growth slows
RE
12:18pSterling steady above $1.39 before Bank of England meeting
RE
12:17pApollo second-quarter earnings more than double on strong asset sales
RE
12:17pRobinhood shares surge nearly 82% as retail investors dive in
RE
12:17pBoeing 737 MAX departs for key test flight in China
RE
Latest news "Economy & Forex"