Secret Biden Deal Allowed Chevron to Pay Venezuela Millions
Bloomberg News
WASHINGTON
EnergiesNet.com 03 24 2025
The Biden administration secretly permitted Chevron (NYSE:CVX) to pay hundreds of millions of dollars to the Venezuelan government despite a license that explicitly prohibited such disbursements, Bloomberg reported Friday.
The initial 2022 sanctions waiver known as a general license from the Treasury Department’s Office of Foreign Assets Control allowed Chevron (NYSE:CVX) to pump and export Venezuelan crude but expressly forbade the company from paying taxes, royalties or dividends to the Venezuelan government or any state-controlled entities.
However, an undisclosed supplement to the waiver permitted Chevron (CVX) to make certain payments essential to business operations, according to the report, which said the company filed documents with Venezuelan authorities showing ~$300M in accrued taxes in the country.
Biden administration officials hoped to encourage Venezuela’s President Maduro to hold democratic elections in return for allowing Chevron (CVX) to go back to work, but while the company’s oil production helped stabilize Venezuela’s economy by bringing in much-needed dollars, Maduro failed to keep most of his democratic concessions.
The Trump administration ended the arrangement and is requiring Chevron (CVX) to wind down its operations in Venezuela.
bloomberg.com 03 21 2025
