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Oil Industry Growth is Guaranteed Despite US Sanctions: Maduro

OIL

Venezuela’s President Nicolas Maduro said the oil industry recovery and growth is guaranteed despite the reinstatement of US sanctions. Venezuela does not need a US Treasury Department license to grow and develop.

  • Recovery of the petrochemical and natural gas industries are also guaranteed with new petrochemical investments set to double production, he added.
  • Companies from Europe, Asia, Latin America, the Caribbean and elsewhere are investing in Venezuela with 20 contracts for oil production projects signed last week, he said
  • A sanctions relief waiver for Venezuelan oil was not extended by the US after April 18 following a lack of commitment by the Maduro regime to fairer election commitments. There are no changes to Chevron’s license to operate in Venezuela.
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