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Investing.com -- Chevron Corp (NYSE:CVX) is set to regain permission to pump oil in Venezuela from the Trump administration, according to The Wall Street Journal, people familiar with the situation.
While specific details of the agreement remain unclear, the development follows recent discussions involving President Trump and Secretary of State Marco Rubio. The timing also coincides with last week’s prisoner swap that secured the release of all 10 remaining Americans who the Venezuelan government detained.
According to two people familiar with the terms, the agreement would ensure no royalties or taxes would flow to the Maduro regime, though the exact mechanisms for this arrangement have not been fully disclosed.
This represents a policy reversal for the Trump administration, which earlier this year had revoked Chevron’s license to pump oil in Venezuela that had been granted during the Biden administration.
"Chevron conducts its business globally in compliance with laws and regulations applicable to its business, as well as the sanctions frameworks provided for by the U.S. government, including in Venezuela," said Chevron spokesman Bill Turenne to WSJ.
Chevron stock is up 1% on the news, as of 1:00 pm ET.