The contracts enable the parties to implement the new US government license in accordance with the guidance provided by the US Treasury Department's Office of Foreign Assets Control (OFAC), the sources said, APA reports citing Sputnik.
A Chevron spokesperson told Sputnik the company will conduct its business in Venezuela in compliance with the sanctions framework provided by OFAC.
On Saturday, the Treasury Department issued a general license authorizing Chevron to resume a six-month natural resource extraction operation in Venezuela. However, the US government retains the authority to amend or revoke the authorization at any time should the Venezuelan government fail to negotiate in good faith or follow through on his commitments with the country’s opposition.
A senior Biden administration official told reporters that Venezuela-related sanctions and restrictions imposed by the United States remain in place, but the US administration will consider whether its policies remain open to further calibrating its sanctions on Venezuela, which will depend on whether the Venezuelan government takes concrete steps to address several key issues.