*The US Treasury Department’s Office of Foreign Assets Control (Ofac) has issued a new general licence concerning the winding down of US oil firm Chevron’s activities in Venezuela. This follows President Donald Trump’s 26 February announcement that Chevron’s special licence, exempting it from US sanctions on Venezuela’s oil sector, would be revoked. The new Ofac licence gives Chevron until 3 April to wind down its Venezuela operations, and maintains restrictions that prohibit the company from paying taxes or royalties to the Venezuelan government or dividends to Venezuela’s state oil company Petróleos de Venezuela (Pdvsa), among other things. Chevron’s Venezuela activities are conducted as a joint venture with Pdvsa and account for approximately 20% of Venezuelan oil production, according to Bloomberg.
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LatinNews Daily - 5 March 2025
In brief: Chevron given deadline to wind down Venezuela operations
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