The US Treasury Department is soon expected to decide on whether it will extend or end Chevron’s waiver to sanctions that prohibit operating in Venezuela, leaving the US major’s century-long legacy in the South American country on precarious ground. The Treasury’s decision could force the exit of one of state Petroleos de Venezuela’s (PDVSA) most reliable — and last remaining — partners (OD Mar.18’20). Key Russian companies including Rosneft and its affiliates Rosneft Trading and TNK Trading International, which have helped to produce and lift Venezuelan crude, are already on the retreat due to US sanctions.
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