A view of Chevron's refinery in Pascagoula, United States. Photo: EPA/Dan Anderson/file photo.
The Office of Foreign Assets Control (OFAC) of the US Treasury Department renewed General License 41 until September 20 of this year, authorizing “certain transactions” related to the joint ventures of the US oil company Chevron Corporation in Venezuela. GL41, which renewed automatically on Saturday, March 1, was issued for the first time on November 26, 2022, as a result of the Venezuela-US dialogues held in Mexico.
Permitted operations include the production and extraction of petroleum or petroleum products produced by Chevron’s joint ventures with PDVSA in Venezuela, and any maintenance, repair or service related to Chevron’s joint ventures.
The license also authorizes the sale, export or import into the US of petroleum or petroleum products produced by Chevron’s joint ventures, provided these products are first sold to Chevron.
In addition, the corporation is allowed to carry out activities associated with the health and safety of its personnel and the integrity of the Chevron joint ventures’ operations or assets in Venezuela.
In the last two years, Chevron has increased its participation in joint ventures in Venezuela. The multinational company exports about 240,000 barrels per day from Venezuela (about a quarter of the country’s oil production.)
Oil Prices Surge After Trump Revokes Chevron’s Venezuela License
The OFAC General License 41 renews automatically every six months. However, this time there are speculations that OFAC might change the license terms in the coming days, given that on February 26, the president of the United States, Donald Trump, announced on Truth Social that he would put an end to the licenses for the export of oil that his predecessor, Joe Biden, granted to Venezuela.
In that post, Trump criticized the government of Nicolás Maduro for not assisting the US in the deportation of “violent criminals” who, according to him, were sent by Venezuela to the United States and who should have been deported “at a rapid pace.”
Responding to Trump’s announcement, Venezuelan Vice President and Oil Minister Delcy RodrĂguez stated that the revocation of the license would have been “harmful and inexplicable.”
“By intending to harm the Venezuelan people, in reality, the United States, its population and its companies are being harmed, as well as calling into question the legal security of the international investment mechanism of the United States,” she said.
She concluded her message by categorically asserting that Venezuela will continue on its path of comprehensive economic recovery, with the creative effort of all and in absolute adherence to its sovereignty and national independence.
(Ăšltimas Noticias) by Odry Farnetano, with Orinoco Tribune content
Translation: Orinoco Tribune
OT/SC/DZ
