OFAC Gives Chevron More Time to Wind Down Venezuela-Related Transactions
The U.S. is giving oil company Chevron more time to wind down certain oil activities in Venezuela that had been authorized by an Office of Foreign Assets Control general license, OFAC said March 24.
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
Chevron now has until 12:01 a.m. EDT May 27 to carry out certain transactions “ordinarily incident and necessary to the wind down of transactions” related to Chevron’s joint ventures in Venezuela involving state-owned energy company Petroleos de Venezuela, according to newly updated General License 41B. The company earlier this month was given until April 3 to wind down those dealings (see 2503040033).
The Treasury Department didn’t immediately release more information, but the extension comes days after Chevron CEO Mike Wirth and other top U.S. oil company executives reportedly met with President Donald Trump at the White House. Trump in February announced plans to reverse sanctions relief for Venezuela (see 2502260056).