US President Donald Trump issued a new license authorizing the oil company Chevron to reactivate operations in Venezuela.

According to a report in the Wall Street Journal on Thursday, July 24, the Trump administration will allow Chevron to extract oil in Venezuela.

Other sources familiar with the matter indicate that the agreement would guarantee that no royalties or taxes would flow to the Venezuelan government, although no further details are known.

Maduro confirmed the measure, indicating that Vice President Delcy Rodríguez had been notified of the new license granted to Chevron. According to the president, there will be conditions attached to these operations, but concessions will be granted to other companies, such as Italy’s Eni and Spain’s Repsol, which have previously requested fuel-for-oil exchanges with Venezuela from the United States.

M.Pino

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

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

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

Chevron’s operations in Venezuela will be able to continue until April 2025 after the United States Department of the Treasury, through the Office of Foreign Assets Control (OFAC), renewed General License 41 that authorizes said activity.

Thus, the oil company Chevron has permission to carry out operations in Venezuela until the stipulated date, through automatic renewal.

José Ignacio Hernández, a lawyer and university professor, stated on his account on the social network X on October 1: “Today, General License 41, which authorizes Chevron to carry out oil activities, was automatically renewed. Despite the prohibitions, the company appears to pay royalties and taxes to the Maduro government. Without transparency.”

The license authorizes Chevron to “extract oil and its derivatives, market crude oil only in the United States, but cannot sell or export that oil to other jurisdictions outside the North American country.”

General License 41 also authorizes “activities related to Chevron’s joint ventures in Venezuela only, and does not authorize other activities with Pdvsa.”

What this license does authorize are the transactions necessary for “certain activities linked to both companies or any entity in which Pdvsa has, directly or indirectly, a participation of 50 or more.”

M.Pino

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La entrada Chevron will be able to operate in Venezuela until April 2025 apareció primero en Bitfinance.

The recent wave of rumors on social networks and information in some media about the suspension of operations of the American electronic payment system Zelle in Venezuela has kept its users in suspense. However, there is no official statement from the company in this regard.

Although some users have presented technical difficulties in carrying out operations, at the moment these are only rumors that have quickly been replicated and spread through comments on social network X.

This information began to be published this weekend, generating uncertainty and concern among Venezuelan users who use Zelle to receive remittances, in addition to issuing and receiving payments.

For Venezuelan citizens, payments through Zelle represent a fast, secure and comfortable alternative. Analysts from the electronic payments sector call for calm and consider that it is best to remain alert in the event of a public response from the platform.

#20Nov #Zelle @AAAD25: Lo de "la suspensión de Zelle en Venezuela" es un desastre informativo. Diario de las Américas habla de una suspensión a partir del 30 de noviembre, citando a Notiactual, pero Notiactual dice que ellos no dijeron eso. pic.twitter.com/GRNeZ9Hlmz

— Reporte Ya (@ReporteYa) November 20, 2023

M.Pino

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La entrada Zelle maintains operations in Venezuela apareció primero en Bitfinance.