The U.S. is expected to extend Chevron’s deadline to cease operations in Venezuela by at least 30 days after lobbying efforts from the company. This extension relates to concerns over President Maduro’s regime, with conditions regarding tax proceeds. Ongoing negotiations highlight the significance of Chevron’s role in Venezuelan oil production.
The U.S. government is preparing to extend Chevron Corporation’s deadline to cease its operations in Venezuela by at least 30 days. This decision follows lobbying efforts from Chevron, a Texas-based oil company, according to sources familiar with the situation. U.S. officials have communicated to Chevron that additional time will be granted beyond the initial deadline set for April 3, although specifics regarding the duration remain undisclosed.
Chevron’s CEO, Mike Wirth, discussed the possibility of the deadline extension during a meeting with President Donald Trump and other executives at the White House. Trump reportedly showed willingness to consider the idea, reflecting the administration’s responsiveness to industry concerns. A White House official, however, refrained from commenting on the details of these private discussions or confirming any new announcements concerning Chevron.
Chevron’s spokesperson, Bill Turenne, emphasized that the company engages regularly with government officials on various issues related to its operations, adhering to all legal and regulatory frameworks, including U.S. sanctions. The original deadline was imposed by the Trump administration to encourage democratic reforms by President Nicolas Maduro’s regime in Venezuela.
An important stipulation for the extension of Chevron’s operations is that any taxes and royalties must be allocated to fund migrant deportations, rather than benefiting the Maduro regime. Despite previous tensions leading to a temporary halt in U.S. deportation flights to Venezuela, negotiations resumed on March 14, as indicated by Maduro’s representative, Jorge Rodríguez.
Chevron is responsible for approximately 20% of Venezuela’s crude oil production and plays a crucial role in sustaining the country’s hard currency inflow.
In summary, the U.S. is likely to prolong Chevron’s operational deadline in Venezuela by at least an additional 30 days amidst lobbying efforts from the company. This extension, which aims to pressure the Maduro government for reforms, includes conditions for the allocation of financial proceeds from Chevron. The ongoing dialogue between Chevron and U.S. officials underscores the complexities of international business relations under current geopolitical conditions.
Original Source: www.worldoil.com
