General license 41, which involves operations between Chevron and Petróleos de Venezuela, is automatically renewed for a period of six months. The authorization issued by the US Office of Foreign Assets Control is activated until April 2025
General license 41, which is automatically renewed for a period of six months, was extended this October 1 until April 2025. The authorization allows companies such as Chevron to carry out oil operations in Venezuela.
“Today General License 41, which authorizes Chevron to carry out oil activities, was automatically renewed. Despite the bans, the company appears to pay royalties and taxes to the Maduro government. Without transparency,” wrote José Ignacio Hernández, a lawyer specializing in constitutional law.
This license was initially issued in November 2022 by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury.
#Venezuela Today, General License 41, which authorizes #Chevron to carry out oil activities, it was automatically renewed.
Despite the bans, the company appears to pay royalties and taxes to the Maduro government.
No transparency.
— Jose Ignacio Hernández G. (@ignandez) October 1, 2024
General License 41 authorizes Chevron Corporation to maintain limited natural resource extraction operations in Venezuela. However, This authorization prevents PDVSA from obtaining a profit from Chevron’s oil sales.
The political and legitimacy crisis that the government of Nicolás Maduro is going through again, after the presidential elections of July 28, has put the extension of the licenses in its sights, since this month the US already sanctioned a group of Venezuelan officials.
This authorization also includes activities related to Chevron’s joint ventures in Venezuela only and does not authorize other activities with PDVSA.
Transactions that are usually related and necessary for certain activities linked to both companies or any entity in which PDVSA has, directly or indirectly, a 50% or greater participation are also permitted.
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