Sources say that Chevron is expected to receive an expanded Venezuela license this week from the US.
Three oil industry sources told us on Wednesday that Chevron will receive a Venezuela license extension from the U.S. this week. This could lead to increased production and exports.
Sources said that the U.S. oil company is expected to be among several firms who will receive approvals to do business with Venezuela from President Donald Trump’s administration. Oil companies, traders, and refineries are looking for access to Venezuela's heavy crude.
According to a source who is familiar with these discussions, the U.S. based Marathon Petroleum is in talks with the government to receive Venezuelan crude oil for its?refineries.
Industry sources say that Valero Energy, a U.S. company, and the global traders Mercuria?and Glencore are also in discussions with Washington about obtaining licenses to do business in Venezuela.
In a recent statement, a Chevron spokesperson said that the company complies with "all laws, regulations, and sanction frameworks." Marathon, Valero Mercuria, and Glencore have not responded to our requests for comments.
The Office of Foreign Assets Control of the U.S. Treasury Department did not respond immediately to a comment request. It generally does not comment on licenses or requests for licensing.
Last week, it was reported that Chevron is in talks with the U.S. Government to
Expand a license key
To operate in Venezuela to increase crude exports into its own refineries, and to?sell to others buyers.
Chevron, the only American oil company currently exporting and producing crude from Venezuela under a limited authorization from the U.S. Government that exempts the company from sanctions against the country.
Shares of the company have increased by nearly 9% in value since the?U.S. The forces that removed Nicolas Maduro earlier this month ushered in interim president Delcy Rodriguez.
Trump has'said he would like U.S. companies to invest up to $100 billion in order to reactivate OPEC countries oil industry and increase output. (Reporting from Marianna Paraga in Houston, Jarrett Renshaw, and Tim Gardner in Washington; additional reporting from Sheila Dang and Arathy Sommesekhar. Editing by Nathan Crooks.)
(source: Reuters)