Chevron Looks to Revamp Venezuela Oil Pact in Bid to Lift Output [Financial Post (Toronto, Ontario, Canada)]
Chevron Corporation (CVX)
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Source: Financial Post
(Bloomberg) — Chevron Corp. wants more control over the oil it produces in Venezuela, a move that would help the driller boost output and recover debt if the US eases sanctions amid a global fuel crunch. Advertisement 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 rep
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