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Chevron seeks to protect Venezuelan business scrutinised by White House

Chevron seeks to protect Venezuelan business scrutinised by White House Chevron seeks to protect Venezuelan business scrutinised by White House

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Chevron seeks to protect a special US license that allows him to work in Venezuela, saying that China and Russia will gain influence in the oil-producing nation-half Western football-if the Donald Trump administration forced it.

In an interview with the Financial Times, CEO CEFron Mike Worth said that the company will participate with the White House after Marco Rubio, US Secretary of State, said that the license should be reviewed.

Worth said that Chevron will work according to American law, and “has been outside politics,” but added that if the oil specialization in the United States comes out, it will allow government oil companies in the countries of Latin Nations to expand in the country of Latin America.

He said: “In Venezuela, in particular, what I saw when countries increase from the West, I saw companies from China, from Russia, increasing their existence as a result.”

And Worth said that third -party studies indicate that Venezuela’s economy will suffer if Chevron comes out and could push immigration flows to the United States. He made his comments shortly before Trump sent his envoy to special missions, Richard Greenil, to Venezuela on Friday to discuss a deal to re -deport the country from the United States.

Chevron has worked in Venezuela for nearly a century, and licenses for doing so have been extended several times – including the first Trump administration – even with the growth of the United States increasingly with successive authoritarian regimes in Caracas and the imposition of economic sanctions against leadership.

In 2022, the Joe Biden administration granted a license allowing Chevron to expand its Venezuelan work, in a goodwill and hope for improving democratic conditions during the reign of authoritarian President Nicholas Maduro. The decimal sanctions on the oil sector in the country were lifted in October 2023, allowing companies to business with PDVSA, the country’s oil producer in Venezuela.

But Maduro retracted a promise to allow the opposition to choose her own candidate in the presidential elections last July, and the result, in which Maduro announced the winner in a widespread fraudulent result, led critics on both sides of the corridor politicians to ask whether Western companies should continue Doing business there.

The sanctions were re -imposed last April, although individual exemption licenses, including Chevron, were in place.

This license enabled Chevron to enhance its Venezuelan production into about 200,000 barrels per day.

Chevron, the second largest Western Oil Company, amounted to a net income of $ 3.2 billion in the fourth quarter compared to $ 2.2 billion in the previous year, but the modified profits amounting to $ 2.06 per share were less than Wall Street estimates of $ 2.11. The shares of the company fell 4.6 percent at about 3 pm in New York.

The group, which was an important donor for Republican candidates in the last electoral cycle, according to the open secrets, used the phrase “Gulf of America” ​​in its profit materials instead of the Gulf of Mexico, just days after Trump’s call to rename the water body.

Venezuela’s opposition, led by Maria Corina Machado, has increased calls to cancel the Chevron license.

Speaking to FT this month, Machado – who was prevented from running in the elections – Chevron and other foreign companies warned of “helping to support” the Maduro government.

Rubio referred to a more striking approach to the country. In his confirmation session this month, Senators said that the Biden administration “played” by Maduro.

“Now they have these general licenses, as companies such as Chevron actually provide billions of dollars in the system treasures, and the system has not kept any of the promises they made. So everything that needs to be re -explores,” said Rubio.

When MADURO has the constitutional oath for a period of six years this month, the outgoing Biden administration, along with the European Union and the United Kingdom, declared coordinated sanctions on Venezuelan officials, although it did not stop canceling the exemption licenses.

Some experts suffer from fears that Chinese and Russian competitors can fill any gap left by Chevron.

Francisco Monnely, energy expert in Latin America at Houston University, said it is unlikely that Chinese and Russian oil companies are moving in Venezuela in the case of Chevron’s vacation.

“They have not done this during the past few years, especially since the US sanctions were valid, it was very cautious,” said Moneldi.

Worth said that Chevron owes a large amount of money in Venezuela. “See, we manage a job. We are not involved in foreign policy.

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2025-01-31 20:20:00


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