Chevron Set to Expand Operations in Venezuela Amid U.S.-Venezuela Oil Deal
Oil giant Chevron is set to announce its expansion in Venezuela, a U.S. official revealed on Tuesday.
The move comes just days after President Donald Trump announced an ambitious deal to develop Venezuela's oil reserves and give the Pentagon a stake in the profits.
Chevron's officials and Energy Secretary Chris Wright are expected to visit Venezuela on Wednesday where the new investment will be formally unveiled, according to the U.S. official who briefed reporters under ground rules set by the White House.
The Trump administration is partnering with North American Blue Energy Partners (NABEP), a private entity owned by Venezuelan businessman Alejandro Betancourt, as part of its push to tap into Venezuela's oil industry.
NABEP will create a new company where the Pentagon would take a 35 per cent ownership stake, and the State Department would have the right to buy 20 per cent of the oil produced at cost.