US Treasury authorizes Chevron to expand oil pumping in Venezuela

Posted 65 days ago

From WWW.FOXBUSINESS.COM

Chevron Corp. has won U. S. approval to resume and expand its oil operations in Venezuela, the U.S. government announced on Saturday.

The Treasury Department said Chevron has been issued an expanded license to import petroleum or petroleum products produced by its joint venture with PDVSA, the Venezuelan state oil-firm. The approval comes after talks resumed between the Venezuelan government, led by socialist President Nicolás Maduro, and the opposition Unitary Platform.

"This action reflects longstanding U. S. policy to provide targeted sanctions relief based on concrete steps that alleviate the suffering of the Venezuelan people and support the restoration of democracy," the Treasury Department said.

U. S. officials had previously offered to loosen sanctions and release some Venezuelan prisoners held in U.S. jails contingent on continuing talks and agreements to strengthen democracy in Venezuela.

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