Venezuelan oil could soon enter U.S. markets as the U.S. Treasury Department has renewed a license with Chevron to operate in the South American country.
The U.S. Treasury Department renewed a license Friday for Chevron to operate its
, a country sanctioned by the U.S., potentially setting up a broader license agreement later in the year.but oil activity between the countries has been limited amid ongoing political turmoil between Venezuelan President Nicolas Maduro and his opposition, Juan Guaido, who the U.S. recognizes as Venezuela's rightful leader, Reuters reported.
Under the current license, Chevron is allowed to continue to maintain its staff and operation infrastructure as well as payments on third-party invoices, local taxes and utility services. The license allows Chevron to conduct "transactions and activities necessary for safety or the preservation of assets in Venezuela," according to the report. The oil company is also able to participate in shareholder and board meetings.
The logo of Dow Jones Industrial Average stock market index listed company Chevron is seen in Los Angeles, California, United States, April 12, 2016.
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