Chevron can resume key role in Venezuela's oil output, exports - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

The logo of Dow Jones Industrial Average stock market index listed company Chevron is seen in Los Angeles, California, United States, April 12, 2016.The logo of Dow Jones Industrial Average stock market index listed company Chevron is seen in Los Angeles, California, United States, April 12, 2016.

The United States issued the license on the same day that Venezuela and opposition leaders began a political dialogue in Mexico City by agreeing to ask the United Nations to oversee a fund providing food, healthcare and infrastructure to Venezuelans. “This action reflects longstanding US policy to provide targeted sanctions relief based on concrete steps that alleviate the suffering of the Venezuelan people and support the restoration of democracy,” the US Treasury Department said in a statement.

US officials traveled to Caracas this year and held talks that led to the release of seven Americans held in Venezuelan jails in return for the release of two relatives of Maduro held on drug convictions.The authorization provides limited new supplies of crude to a market struggling to replace Russian barrels shunned by Western buyers over its invasion of Ukraine.

Terms will “require significant reporting by Chevron on financial operations of their joint ventures to ensure transparency,” a US official said, adding that other sanctions on Venezuela and its officials remain in place.

Source: News Formal (newsformal.com)

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