(Bloomberg) — The Trump administration is preparing to force more companies to stop working in Venezuela, increasing pressure on President Nicolas Maduro after ordering Chevron Corp. to end operations there, according to people familiar with the matter.
Officials have told companies including French oil producer Etablissements Maurel & Prom SA and an asphalt company run by Florida oil tycoon Harry Sargeant they’ll have 30 days to end operations in Venezuela once the US revokes their waivers to operate there without running afoul of sanctions, the people said. The US Treasury could initiate the process as soon as Friday, one person said.
Stopping the companies from working in Venezuela will be a blow to the nation’s beleaguered economy, putting pressure on Maduro as Trump pushes for a deal over democratic reforms and accepting more migrants from the US. The Treasury Department told Chevron earlier this week to wrap up its Venezuela by April 3, much less than the normal six-month wind-down period.
Venezuela’s economy depends heavily on oil. Chevron and other smaller companies that have been granted permission from Washington to operate there have been crucial engines of growth as Venezuela’s own state oil company is in tatters after years of underinvestment.
The Trump administration has multiple advisers and officials with different views on how to approach Venezuela, and it’s possible the president could change course at the last minute and allow oil companies to continue working there.
Other foreign companies with operations in Venezuela awaiting word on whether the US will revoke their waivers to work there without being subject to sanctions include Spain’s Repsol SA and Italy’s Eni SpA.
The Treasury Department and Venezuela’s information ministry didn’t immediately respond to requests for comment.
Joint operations between Chevron and Petroleos de Venezuela SA have contributed a quarter of the Maduro regime’s total revenue in 2023 and 2024, according to an estimate from the Caracas-based consultancy Ecoanalítica. Without Chevron, Venezuela’s economy could shrink by as much as 7.5% this year, according to the Finance Observatory, an opposition-led research group.
A Trump adviser, Rick Grenell, visited Maduro in January to restart direct talks, leading to the release of six US prisoners and the restart of deportation flights. Since then, 166 Venezuelan migrants have been returned from the US, with last plane arriving in Caracas on Feb. 20.
Maduro downplayed the impact of Chevron being forced to end its Venezuela operations, saying “output will not even fall one liter or barrel.”
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