Chevron’s Operations in Venezuela Impacted by Renewed US Sanctions

Office of Foreign Assets Control, U.S. Treasury

WASHINGTON
EnergiesNet.com 03 04 2025

OFFICE OF FOREIGN ASSETS CONTROL

Venezuela Sanctions Regulations
31 CFR part 591

GENERAL LICENSE NO. 41A

Authorizing the Wind Down of Certain Transactions Related
to Chevron Corporation’s Joint Ventures in Venezuela

(a) Except as provided in paragraph (b) of this general license, all transactions ordinarily incident and necessary to the wind down of transactions previously authorized by Venezuela General License 41 related to the operation and management by Chevron Corporation or its subsidiaries (“Chevron”) of Chevron’s joint ventures in Venezuela (collectively, the “Chevron JVs”) involving Petróleos de Venezuela, S.A. (PdVSA) or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, that are prohibited by Executive Order (E.O.) 13850, as amended by E.O. 13857, or E.O. 13884, each as incorporated into the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), are authorized through 12:01 a.m. eastern daylight time, April 3, 2025.

(b) This general license does not authorize:

(1) The payment of any taxes or royalties to the Government of Venezuela;

(2) The payment of any dividends, including a dividend in kind, to PdVSA, or any entity
in which PdVSA owns, directly or indirectly, a 50 percent or greater interest;

(3) The sale of petroleum or petroleum products produced by or through the Chevron JVs
for the exportation to any jurisdiction other than the United States;

(4) Any transaction involving an entity located in Venezuela that is owned or controlled
by an entity located in the Russian Federation; or

(5) Any transactions otherwise prohibited by the VSR, including transactions involving
any person blocked pursuant to the VSR other than the blocked persons described in
paragraph (a) of this general license, unless separately authorized.

(c) Effective March 4, 2025, General License No. 41, dated November 26, 2022, is
replaced and superseded in its entirety by this General License No. 41A.

Note 1 to General License No. 41A.
Nothing in this general license relieves any person from compliance with the requirements of other
Federal agencies, including the Department of Commerce’s Bureau of Industry and Security.

Lisa M. Palluconi
Acting Director
Office of Foreign Assets Control

See original Recent Actions | Office of Foreign Assets Control: venezuela_gl41a.pdf

Lisa M. Palluconi Digitally signed by Lisa M. Palluconi
Date: 2025.03.04 08:16:22 -05’00’