The United States on Monday extended the amount of time that the energy giant Chevron has to wind down its operations in Venezuela, as President Donald Trump announced plans to penalize countries importing Venezuelan oil.
The US Treasury Department previously said that Chevron must end its operations in the Latin American country by April 3, imminently threatening a vital source of revenue for the government of Nicolas Maduro.
On Monday, the US Treasury Department announced it was extending the company’s current sanctions waiver to operate in the country through May 27, a move that could ensure a more orderly end to its operations.
The Treasury announcement came shortly after Trump took to his Truth Social account to announce plans to impose new 25 per cent tariffs on imports from countries that currently buy Venezuelan oil and gas.
Caracas called the measure a “new aggression” by Washington.
“They can sanction and impose tariffs on whatever they want, what they cannot sanction is the love and patriotism of the Venezuelan people,” Maduro said Monday during an event broadcast on radio and television.
In February, Venezuela exported 500,000 barrels a day to China, 240,000 to the United States and 70,000 to India and Spain, according to several sources consulted by AFP.
The Wall Street Journal reported last week that Chevron chief executive Mike Wirth had met with Trump to discuss the company’s operations in Venezuela.
The Journal’s report suggested that new tariffs on Venezuela could help ensure that a US firm continues to operate in the country while imposing financial penalties on Maduro that would bring him to the negotiating table.
If the Trump administration allowed Chevron to continue operating in Venezuela over the longer term, that would also make it harder for a country like China to gain a foothold, the Journal reported.
Chevron did not immediately respond to a request for comment on Monday.
AFP
