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Investing.com -- The U.S. government is preparing to grant Chevron (NYSE:CVX) a limited license to keep its oil-producing assets in Venezuela, according to The Wall Street Journal, citing sources familiar with the matter. This move comes as Chevron’s waiver, which allowed it to pump oil in the South American nation, is set to expire on Tuesday.
The license would enable Chevron to maintain key infrastructure in Venezuela, however, it would prevent the company from importing oil from the country. This measure is aimed at reducing the risk of Venezuela seizing Chevron’s assets and ensuring the company can promptly resume operations if relations between the two nations improve.
Chevron had been lobbying the Trump administration for several months to continue its oil pumping operations in Venezuela. Despite their efforts, they were unable to overcome opposition from Florida lawmakers. These lawmakers had threatened to withdraw their support for Trump’s spending bill last week unless the administration compelled Chevron to cease operations in Venezuela.
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