U.S. issues expanded license to allow Chevron to import Venezuelan oil
The decision grants expanded rights for the last big U.S. oil company still operating in U.S.-sanctioned Venezuela. However, it restricts any cash payments to Venezuela, which could reduce the amount of oil available to export.
The United States issued the license on the same day that Venezuela and opposition leaders began a political dialogue in Mexico City by agreeing to ask the United Nations to overseeTerms bar Chevron from helping the OPEC member develop new oilfields but provides a way for the company to recoup some of the billions of dollars owed by PDVSA through the oil sales. It also allows the U.S. company to import supplies to help process the country's crude oil into exportable grades.
The United States over the years has increased sanctions on Venezuela, seeking to oust socialist President Nicolas Maduro over his 2018 reelection, which was not recognized by the west. Maduro has clung to power with the help of PDVSA, Russia and Iran. The authorization bans any payment of oil royalties and taxes to the Venezuelan government, or in-kind payments to PDVSA. It also bars Chevron from transactions with Russian-controlled companies operating in Venezuela.
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