Chevron is preparing to take operating control of its joint ventures in Venezuela if Washington relaxes sanctions on Caracas.
Highlights
- Chevron preparing to take operating control of joint ventures in Venezuela if Washington relaxes sanctions on Caracas.
- The U.S.
- oil major has begun assembling a trading team to market oil from Venezuela, two of the people said.
- The move could revitalize Venezuela’s oil output and exports after years of underinvestment and sanctions shrank it to about 755,000 barrels per day last month from 2.3 million bpd in 2016.
- Washington is considering similar oil-for-debt authorizations for Spain’s Repsol (REP.MC) and Italy’s Eni SpA.
- The United States is drafting a new license that would allow Chevron to assume a more active role in Venezuela.