U.S. orders Chevron to wind down Venezuela operations by December 1 [Reuters]
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Source: Reuters
U.S. orders Chevron to wind down Venezuela operations by December 1 WASHINGTON (Reuters) - The U.S. Treasury Department on Tuesday gave Chevron Corp, the last major U.S. oil company still operating in Venezuela, until Dec. 1 to “wind down” its business in the OPEC member-nation and allowed it to conduct only limited operations there until then. In a move to ratchet up pressure on Venezuela’s socialist President Nicolas Maduro, the Trump administration imposed new restrictions on Chevron’s joint ventures with Venezuela’s state-run oil company PDVSA paving the way for the California-based company’s departure. Chevron has had a special license exempting it from sanctions since last January but the latest three-month waiver expires on Wednesday. The U.S. action targets what some Trump administration officials say is a key financial lifeline for Maduro as Washington seeks to stifle trade in Venezuelan crude. Chevron and other U.S. oil companies are being squeezed amid a coronavirus-induced
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