The American oil company Chevron will continue operations in Venezuela after the United States Office of Foreign Assets Control (OFAC) automatically renewed General License number 41 for six months.

The decision was announced during the visit to Venezuela of Donald Trump’s envoy, Richard Grenell, last Friday, January 31, to discuss issues of common interest.

According to the lawyer and expert in economic law José Ignacio Hernández on Saturday, February 1, “Chevron represents around 25 % of oil production in Venezuela, which underlines the importance of the company in a country whose economy depends largely on oil revenues.”

Hernández emphasized that the renewal of Chevron’s license could have a positive impact on the fiscal capacity of the Venezuelan government by increasing the available resources.

It is important to note that the American oil company has had a presence in the country since 1923 when it began exploration work. Currently, it works together with subsidiaries of Petróleos de Venezuela (PDVSA), in five land and sea production projects in the west and east of the territory.

M.Pino

Source: bancaynegocios

(Reference image source: Luis Ramirez on Unsplash)

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La entrada Chevron to continue operations in Venezuela apareció primero en Bitfinance.