Trump administration renews Chevron license to work in Venezuela for 3 months
Economy News - Baghdad
The US Treasury Department renewed on Monday a license allowing Chevron to continue working in Venezuela for another three months until January 22, 2020.
Chevron is the only US company still operating in the OPEC member country.
Some Trump administration officials opposed the renewal of the license, believing that oil production would help keep Socialist President Nicolas Maduro in power. But other officials favor keeping a US company in Venezuela as an asset after Maduro's ouster.
Chevron has been in Venezuela for nearly 100 years and has about 8,000 employees, contractors and direct suppliers involved in its projects there.
In January, the United States imposed sanctions on Venezuela's state-owned oil company PDVSA in an effort to topple Maduro. But it issued Chevron a six-month work permit that was renewed for two three-month terms.
The Treasury said the license does not authorize deals linked to shipments of materials Venezuela needs to ease its heavy oil refining.