Venezuela Can’t Pay for Dredge Ship, Slows Chevron’s Export Plan
- Govt. says sanctions limit its ability to pay for dredger
- Chevron’s plans to up production halted by soil accumulation
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Venezuela says it can’t pay for equipment needed to dredge a coastal lake that’s key to oil exports, hampering Chevron Corp.’s plan to increase shipments from the South American country.
The government sent a letter to Dutch shipbuilding company Royal IHC saying it would not be able to pay for dredging equipment to dig out Lake Maracaibo, noting that the nation is “financially limited” due to economic sanctions, according to a document seen by Bloomberg and people familiar with the matter, who asked not to be identified because the plan hasn’t been made public.