The US has reportedly approved a new license to allow oil giant Chevron to restart its operations in Venezuela, after licenses were revoked earlier this year.
According to the Miami Herald, its sources said the under the new arrangement, a “specific license” rather than a general one, allows Chevron to resume more regular activity with Venezuela’s state oil company, PDVSA.
The State Department said it was only issued for Chevron’s maintenance purposes and to create the conditions for Venezuela to repay its multi-billion US-dollar debt to the Texas-based oil company.
Under the framework, Chevron will reportedly pay the Maduro regime in barrels of oil rather than cash, amid continued international sanctions, adding that it would not aim to provide Maduro any type of financial relief.
