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Investing.com -- Chevron Corp. (NYSE:CVX) has received a 60-day extension from the US government to continue its operations in Venezuela. The extension was granted as the US continues to negotiate with Venezuelan President Nicolas Maduro’s government over repatriation flights and the fate of US detainees in the country, according to Bloomberg, citing an anonymous source familiar with the matter.
The US was expected to announce the extension on Tuesday, the same day that US Envoy Richard Grenell traveled to Antigua to meet with members of Maduro’s government. The extension is a result of a deal brokered between Caracas and Washington in Antigua.
The US Treasury had originally set a deadline of April 3 for Chevron to cease operations in Venezuela. However, the deadline was extended to allow the oil giant additional time to wrap up its operations. This new extension allows Chevron to continue its operations for another 60 days, providing more time for ongoing negotiations between the US and Venezuela.
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