The second-largest American oil corporation, Chevron Corp., was granted a licence on Saturday that will enable it to increase production in Venezuela and import crude oil from the South American nation to the United States.
The judgement extends more privileges to the last significant American oil business still operating in Venezuela under U.S. embargo. But it limits any monetary transfers to Venezuela, which would cut down on the amount of oil that can be exported.
According to U.S. authorities, the licence conditions are intended to prevent the Venezuelan government-owned oil company PDVSA (PDVSA.UL) from profiting from Chevron’s petroleum sales. The licence is valid for six months and is then automatically renewed every month after that, according to the U.S. Treasury.
According to a statement from the California-based Chevron, the U.S. authorization ‘brings added transparency to the Venezuelan oil sector’ and enables Chevron to profit from sales of ‘oil that is presently being produced’ by its joint ventures with PDVSA.
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