U.S. Gives Chevron a Month to Leave Venezuela
Oil facilities managed by Chevron. X/ @PereiraAmarela
March 4, 2025 Hour: 2:16 pm
OFAC prohibits Chevron from making payments of taxes, royalties, and dividends to PDVSA.
On Tuesday, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury canceled License 41, which had allowed the oil company Chevron to operate in Venezuela, and gave it until April 3 to leave the South American country.
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OFAC Acting Director Lisa M. Palluconi stated that License 41 will be entirely replaced by a new license called 41A, putting an end to the special permit that Chevron had maintained to operate in Venezuela since November 2022.
She also announced that Chevron will only have one month, instead of the usual six-month period typically granted in such cases, to cease its operations in Venezuela.
License 41A prohibits Chevron from making payments of taxes, royalties, and dividends to the state-owned company Petroleos de Venezuela (PDVSA). It also bans the sale and export of Chevron oil and petroleum products to any country other than the U.S. Additionally, OFAC requires Chevron to refrain from conducting transactions with Venezuelan entities controlled by Russian entities.
On February 26, U.S. President Donald Trump announced that his administration would reverse the concessions previously granted by Joe Biden’s administration.
To justify this decision, he argued that President Nicolas Maduro’s government had failed to accelerate the repatriation of Venezuelan migrants.
In response to that announcement, Venezuelan Vice President Delcy Rodriguez, who also serves as Oil Minister, described Trump’s decision as “harmful and inexplicable,” reiterating that Venezuela will continue its economic recovery through the creative efforts of all its people and in absolute adherence to its national sovereignty and independence.
teleSUR/ JF
Source: OFAC
