Chevron to Deliver Oil to Venezuela Under New Production Terms
Chevron Corporation has negotiated new terms with the Venezuelan government that will allow the company to resume oil production in the country. Under the new agreement, Chevron will be required to hand over a portion of its Venezuelan production to the local government. This development comes after Chevron received a license to restart its operations in Venezuela, which had been halted due to US sanctions imposed on the country. The details of the new production terms have not been publicly disclosed, but the move is seen as a significant step in Chevron's efforts to reestablish its presence in the Venezuelan oil industry. The agreement is expected to provide a boost to Venezuela's struggling economy, which has been heavily impacted by the sanctions and the decline in oil production.
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