© Reuters. Chevron announces cessation of “some activity” in Venezuela but does not plan to leave
New York, May 1 (.) .- The CEO and President of the oil company Chevron (NYSE :), Michael Wirth, said Friday that he is “gradually ceasing some activities” in Venezuela after an order the White House gave last week and said he “intends to” comply with the requirements imposed by the United States. but he does not plan to leave the country.
In an interview with CNBC, Wirth explained that the second largest US oil company. He has “a good part of the last 100 years” in Venezuela, a country that has been “under sanctions” by Washington in recent times and for which the Treasury Department “repeatedly issues licenses every 90 days” that allow it to remain there.
“We do not really operate any assets in the country, but are partners in two operations that are operated by another company,” said the Chevron executive, whose employees, around 8,000, provide engineering or maintenance “technical services”.
Last week, the US it ordered Chevron to “gradually cease” its oil activities, prohibited it from drilling, transporting or negotiating with and demanded that it reduce its operations to a simple “maintenance” of its assets in a new license with which it seeks to prevent US oil products from reaching the Government by Nicolás Maduro.
“The licenses have gradually restricted the types of activities that we can do as partners in these businesses. The most recent one lasts more than 90 days, it lasts until December and requires us to cease certain activities that we were previously allowed to do, it does not require us to leave the country” Wirth explained.
“We intend to meet the requirements but we are not going to cease (operations) or leave the country. We are gradually ceasing some activities and we are still able to pay our employees and support the communities of Venezuela, which is very important in these times. We hope to preserve our business position, “he added.
This Friday, Chevron reported that it obtained 36% more profits in the first quarter of the year but its turnover fell more than 10%, and warned of the effects of the fall in crude oil due to the COVID-19 pandemic, which it anticipates ” depress “your financial results in the future.
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