Page 9 - NorthAmOil Week 22 2021
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NorthAmOil                                       POLICY                                          NorthAmOil








































       US grants Chevron, three service companies




       another waiver from Venezuelan sanctions





        US-VENEZUELA     THE US Treasury Department has given Chev-  The issuance of the new waivers serves to
                         ron and three oilfield service providers (OSPs)  extend the firms’ permission to maintain a min-
                         permission to continue maintaining a limited  imal presence in Venezuela until December 1.
                         presence in Venezuela, despite the continua-  The previous waivers, which were granted last
                         tion of sanctions on that country’s hydrocarbon  year, had been due to expire on June 3.
                         sector.                                Chevron responded positively to OFAC’s
                           The department’s Office of Foreign Assets  announcement. Ray Fohr, a spokesman for
                         Control (OFAC) announced this move on June  the company, told Reuters that the company   The previous
                         1, saying that it had issued six-month waivers  intended “to comply with applicable laws and
                         from the trade restrictions to Chevron, Baker  regulations” governing its activities in Vene-  US presidential
                         Hughes, Halliburton and Schlumberger. These  zuela. He also commented that Chevron had
                         documents authorise the four companies to con-  been “a constructive presence in the country,  administration,
                         duct essential business operations in Venezuela.  supporting social investment and humanitarian
                           According to a statement from OFAC, essen-  programmes.”                 led by Donald
                         tial operations include “transactions and activi-  The previous US presidential administration,   Trump,
                         ties necessary to ensure the safety of personnel,  led by Donald Trump, imposed severe restric-
                         or the integrity of operations and assets in Vene-  tions on Venezuela and its national oil company   imposed severe
                         zuela; participation in shareholder and board of  (NOC) PdVSA in early 2019. It did so after a con-
                         directors meetings; [and] making payments on  troversial election marked by widespread reports   restrictions on
                         third-party invoices for transactions.” They also  that President Nicolas Maduro had resorted to
                         include “payment of local taxes and purchase  fraud to secure another term in office.  Venezuela and
                         of utility services in Venezuela and payment of   The sanctions regime was designed to put   its national oil
                         salaries for employees and contractors in Vene-  pressure on Maduro to step down and cede
                         zuela,” the statement said.          power to opposition leader Juan Guaido. Thus   company.
                           It further noted that neither Chevron nor the  far, it has not yielded the desired results. Never-
                         OSPs would be permitted to engage in explo-  theless, the current US presidential administra-
                         ration and production activities in Venezuela.  tion, led by Joe Biden, has kept the sanctions in
                         Similarly, it said, the companies will not be able  place, while signalling that it may be willing to
                         to produce, process, transport, sell or trade Ven-  lift certain barriers to fuel delivery for the pur-
                         ezuelan petroleum products.          pose of humanitarian relief.™



       Week 22   03•June•2021                   www. NEWSBASE .com                                              P9
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