Chevron: Relaxation of US sanctions will allow commercialization of oil production in Venezuela
WASHINGTON, November 26 – RIA Novosti. The American company Chevron said the easing of US sanctions has allowed it to commercialize the oil production it runs in Venezuela.
The U.S. Treasury Department on Saturday granted a six-month general license that allows Chevron to produce and refine oil in collaboration with Venezuelan company PdVSA and supply the joint venture’s products to the U.S. market.
“The granting of General License 41 means that Chevron can now commercialize the oil produced by the assets of the joint venture with the participation of the company. We are committed to maintaining a constructive presence in this country and continuing to support humanitarian social investment programs,” the company said in a statement.
Chevron assured that they would establish business in Venezuela within the framework set by US officials. “The decision of OFAC (U.S. Department of the Treasury’s Office of Foreign Assets Control) increases the transparency of the Venezuelan oil sector,” the company added.
The US administration announced its decision to ease sanctions against Venezuela, with progress being made in the dialogue between the authorities of the Latin American country and the opposition.
Source: Ria
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.
