Chevron in Talks Seeking More Control of Venezuela Operation
- Oil company, government in preliminary discussions for months
- Chevron requesting Venezuela license from U.S. Treasury
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Venezuela’s government and Chevron Corp. are in preliminary talks to give the company greater control of some operations in exchange for debt relief as the country’s socialist leaders try to increase production despite U.S. sanctions.
The head of Chevron’s Venezuela unit, Javier La Rosa, and the president of state oil company PDVSA, Asdrubal Chavez, have been involved in the discussions, according to two people with knowledge of the matter. Before any agreement can be reached, however, Chevron would need a special waiver from the U.S. Treasury allowing it to engage in more formal negotiations.