The Trump administration has granted Chevron a sanctions waiver, allowing the company to keep its $7 billion infrastructure in Venezuela while prohibiting oil imports from Nicolás Maduro's regime. This comes after Trump let a Biden-era importation license expire. The arrangement permits Chevron to perform essential maintenance but forbids any exploration activities. Special Envoy Ric Grenell has been attempting to negotiate with Maduro to restore Chevron's ability to sell Venezuelan oil by leveraging the release of an American detainee, but the administration remains cautious due to opposition from figures like Marco Rubio.
Chevron will maintain its $7 billion worth of equipment in Venezuela but is barred from importing oil from Maduro, as per the newly tailored sanctions waiver.
The waiver will allow Chevron to perform essential upkeep on its infrastructure, but it strictly prohibits any energy exploration activities in Venezuela.
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