Chevron Looks to Revamp Venezuela Oil Pact in Bid to Lift Output [Business News Network (BNN) (Canada)]
Chevron Corporation (CVX)
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Source: Business News Network
The energy giant is seeking to take charge of production, shipment and sales of its Venezuelan crude, according to people familiar with the matter. Javier La Rosa, president of Chevron's operations in the Latin American country, and Venezuela Oil Minister Tareck El Aissami have been meeting since late May to negotiate a new contract, the people said. The proposal would mark a major shift as Chevron would take the lead in all facets of its operations in joint ventures with state energy company Petroleos de Venezuela SA, according to the people. Under the proposed arrangement, San Ramon, California-based Chevron would negotiate with suppliers and importers and handle financing, sending the final payment to PDVSA through the central bank, they said. El Aissami and a representative of Venezuela's oil ministry didn't immediately respond to requests for comment. Ray Fohr, a Chevron spokesman, said the company doesn't comment on rumors or speculation and continues to conduct its busines
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