U.S. orders Chevron to 'wind down' Venezuela operations by Dec 1 [Reuters]
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Source: Reuters
U.S. orders Chevron to 'wind down' Venezuela operations by Dec 1 WASHINGTON (Reuters) - The Trump administration 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. Ratcheting up pressure on socialist President Nicolas Maduro, the U.S. Treasury Department 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 U.S. operating license exempting it from sanctions on Venezuela’s vital oil sector since last January but the latest three-month waiver was due to expire 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 and remove his grip on power. Chevron and other U.
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