U.S. Expected to Extend Chevron’s Venezuela Operations Deadline
The Trump administration is expected to extend Chevron’s deadline to end operations in Venezuela by at least 30 days, influenced by the company’s lobbying efforts. President Trump is reportedly open to this extension, with conditions regarding the use of generated taxes. This move aims to apply pressure on the Maduro regime for democratic reforms, while Chevron plays a vital role in Venezuela’s oil production.
The Trump administration is likely to prolong Chevron Corporation’s deadline to cease its operations in Venezuela for a minimum of 30 additional days, prompted by lobbying efforts from the Texas-based oil company. Sources indicate that U.S. officials have already signaled to Chevron that it will receive more time to conclude its operations with Petroleos de Venezuela SA, although specific details regarding the extension are still undisclosed.
During a meeting held on Wednesday with President Donald Trump and other oil executives, Chevron CEO Mike Wirth discussed the possibility of extending the deadline. Trump exhibited a willingness to consider this proposal, as per accounts from individuals acquainted with the discussions.
A White House representative refrained from providing details regarding the president’s private conversations and stated that no new announcements concerning Chevron have been made. Furthermore, representatives from the State Department and Treasury Department did not immediately respond to inquiries.
Chevron spokesperson Bill Turenne commented, “Chevron executives meet regularly with government officials in Washington to engage constructively on issues related to our business — both in the U.S. and abroad.” He affirmed that Chevron adheres to all laws and regulations, including U.S. sanctions.
The Trump administration’s original deadline was implemented to urge President Nicolas Maduro’s government to enact democratic reforms and increase the acceptance of U.S. migrants. As a condition for the extension, it was conveyed that any taxes and royalties collected would be allocated to fund migrant deportations rather than benefiting the Maduro regime.
The Maduro administration had previously suspended the acceptance of U.S. deportation flights in response to pressure from the U.S. regarding Chevron but resumed such flights on March 14, as stated by Jorge Rodríguez, Maduro’s lead negotiator. Notably, Chevron is responsible for approximately one-fifth of Venezuela’s crude production, contributing significantly to the nation’s foreign currency earnings.
The anticipated extension of Chevron’s operational deadline in Venezuela aligns with the Trump administration’s broader objectives of pressuring the Maduro regime regarding democratic reforms. The extension comes after strategic lobbying by Chevron and emphasizes the administration’s directive that any generated revenue must aid U.S. migrant deportations rather than support the current Venezuelan government. As Chevron continues to navigate its business relationship with Venezuela, it remains a crucial contributor to the country’s economy.
Original Source: www.worldoil.com
