Oil and Gas

US Treasury Department gives Chevron new license to wind down Venezuela activities by December 1

The logo of Chevron is seen at the company's office in Caracas, Venezuela April 25, 2018.
Marco Bello | Reuters

The U.S. Treasury Department on Tuesday issued a new license to Chevron, the last major U.S. oil company still operating in Venezuela, giving it until Dec. 1 to wind down its joint ventures in the OPEC member-nation.

The United States last year imposed sanctions that barred imports of Venezuelan oil and transactions made in U.S. dollars with Venezuela's state-run oil company PDVSA, in a move designed to starve the country of oil dollars and oust socialist President Nicolas Maduro.

Since then, it has given Chevron a special license exempting it from sanctions.