Sunday, January 19, 2020

Sanctions for some, not for others

The United States last year imposed sanctions that barred imports of Venezuelan oil and transactions made in U.S. dollars with Venezuela’s state-run oil company PDVSA.

Chevron and oilfield service firms Baker Hughes Co , Halliburton Co , Schlumberger NV, and Weatherford International have regularly received permission to remain in the country.

Chevron has said it would lose about $2.7 billion in assets if required to leave the country. 

The Treasury also on Saturday issued a license allowing transactions related to PDVSA’s 2020 bond, which is backed by shares in U.S. refiner Citgo Petroleum Corp. That license begins on April 22, replacing a previous license that last year had authorized transactions from Jan 22.

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