US Treasury Extends Chevron's License To Operate In Venezuela Until April 22

WASHINGTON (UrduPoint News / Sputnik - 19th January, 2020) US oil giant Chevron has been granted a license to continue operations in Venezuela without getting hit with sanctions for another three months, the Treasury Department said on Saturday.

"All transactions and activities ... in Venezuela involving [state-run oil company] PdVSA or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest ... are authorized through 12:01 a.m. eastern daylight time [05:01 GMT], April 22, 2020," the treasury said in a press release, circulated online.

The authorization applies to Chevron, Halliburton, Schlumberger Limited, Baker Hughes, and Weatherford International, the statement added.

Chevron has worked in the Latin American country for almost a century and has several major projects in partnership with the PDVSA as well as with other international companies.

The US government has imposed multiple sanctions against Venezuela's government and industry sectors, effectively banning US companies from participating in the country's economy and cooperating with Venezuelan persons and entities.

Washington issued the existing waivers to Chevron in July 2019 and then extended it in October. The waiver allows Chevron to continue operations in Venezuela without being subject to sanctions.