. . World News – US – A big week for Venezuela’s oil industry | The price of oil. Com

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The Inter-American Dialogue engages our network of global leaders to promote democratic governance, prosperity and social justice in Latin America and the Caribbean. Together, we work…

The Venezuelan Ministry of Information said that the Vice President of Venezuela and the head of the state oil company PDVSA arrived in Russia last week on a trip aimed at deepening « strategic alliances, » according to Reuters news agency. . Vice President Delsey Rodriguez and PDVSA CEO Asdrubal Chavez, as well as Science Minister Gabriela Jimenez, have flown to Moscow to discuss potential new joint oil projects with Russian energy officials and investors, Argos Media reports.. Among the potential partnerships are the transfer of existing upstream and downstream assets to Russian companies as well as new projects, according to the Venezuelan Oil Ministry. . Nicolas Maduro’s government has offered PDVSA assets, including its barely functioning refineries and mature spaces around Lake Maracaibo, to Russian companies, including the state oil company Rosneft, several times since 2017.. However, Venezuelan officials said that no deals were struck. Rosneft pulled out of Venezuela after a tough round of sanctions on PDVSA by U-management. s. President Donald Trump in 2018. Additionally, the United States blacklisted two of Rosneft’s subsidiaries earlier this year. Reuters reported that Maduro is seeking to secretly sign new oil deals after the issuance of a new law in the Andean country.. . Argos Media reports that the law, which was approved last month by the Constituent Assembly allied with Maduro, gives the president unlimited discretion to sign loan, joint venture and investment agreements with any individual, company, or governmental authority.. .

The letter U. s. On Tuesday, the Treasury Department reissued a license allowing Chevron to temporarily continue operations in Venezuela. The company is another major company yo. s. The oil company whose business is still in the Andean country. The license is granted to Chevron until June 3 to terminate its joint ventures in Venezuela. The license also applies to other companies including Halliburton and Schlumberger. Chevron has got a special U. s. An operating license that exempts it from sanctions imposed on PDVSA since January, but the latest exemption is set to expire in December.. 1. Even with licensing, companies have limited operations in Venezuela, as they are not permitted to prospect, sell, ship, or trade Venezuelan oil.. They also cannot repair or improve wells, hire additional staff or services, pay dividends to PDVSA or negotiate any new loans, Reuters reported.. .

The Venezuelan opposition, led by National Assembly President Juan Guaidó, said last week that it plans to appeal the U case.. s. Reuters reported that a court ruling ruled that the state oil company PDVSA bonds will be valid for 2020. The bond is backed by U. s. The opposition-controlled Citgo refinery in Venezuela is one of the most valuable foreign assets in Venezuela..

The letter U. s. The Senate on Wednesday confirmed the appointment of James Story as ambassador to Venezuela, although there are no diplomats for the United States at its embassy in Caracas, the Associated Press reported.. . Story, the first U.S. ambassador to Venezuela in a decade after the collapse of Yu. s. Relations between Venezuela, which began under the late President Hugo Chávez, will operate from Bogota.

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Venezuela, Nicolas Maduro, Donald Trump

World News – US – Big week for Venezuela’s oil industry | The price of oil. Com

Ref: https://oilprice.com

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