This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI7T0UL_L.jpg
CARACAS (Reuters) – Venezuela’s oil minister said on Tuesday progress to relaunch operations of oil major Chevron Corp (NYSE:CVX) in the U.S.-sanctioned South American country depends on licenses by Washington.
The U.S. Treasury Department in May renewed a license that allows Chevron to operate in Venezuela under very restrictive terms. The company had requested expanded privileges to relaunch joint ventures with state-run Petróleos de Venezuela S.A., or PDVSA , and recover billions of dollars of outstanding debt by trading Venezuelan oil.
Venezuela is ready to move ahead with business with the California-based firm, following months of discussions with PDVSA, minister Tareck El Aissami told journalists.
In May, Chevron was also granted a U.S. permit to negotiate with Venezuelan top officials.
“(Progress of the) talks no longer depends on the Venezuelan government’s authorities, but on the so-called licenses by OFAC to relaunch and restitute (Chevron’s) operations in Venezuela. Venezuelans are ready,” the minister said.
El Aissami referred to Chevron following a press conference to announce a new corruption probe on former oil minister Rafael Ramirez.
Following an investigation over financial deals with PDVSA, the oil ministry is now asking Venezuela’s General Attorney Office to formally request an international warrant for the arrest of Ramirez, who lives in Italy.
An extradition request by Venezuela over previous corruption allegations involving Ramirez was recently denied by an Italian court.
Ramirez did not immediately respond to a request for comment.
