Chevron CEO Mike Wirth is urging the Donald Trump White House to maintain the company's license to operate in Venezuela, arguing that China and Russia could fill the void in that scenario.
Wirth made the plea after U.S. Secretary of State Marco Rubio said the license should be reconsidered. "In Venezuela, in particular, what you have seen when countries from the west leave, you've seen companies from China, from Russia, increase their presence as a result," Wirth told the Financial Times after Rubio's statement.
Chevron has operated in Venezuela for almost 100 years and its licenses to do so have been extended throughout the Chavista regime, including authoritarian President Nicolas Maduro's more than 10 years in power. It is one of the few companies exempted from sanctions and allowed to operate in the South American country. Chevron produces about 200,000 barrels of oil a day.
A November report by the Wall Street Journal report detailed that U.S. oil executives and bondholders were pressuring then-President-elect Donald Trump to deport from "maximum pressure" strategy aimed at removing Maduro, proposing a pragmatic deal instead: increased Venezuelan oil exports to the U.S. in exchange for reduced outward migration and willingness to take deportees. It is unclear if Chevron executives were among the proponents.
Venezuelan opposition leader Maria Corina Machado, in contrast, has called for the license to be cancelled, telling the outlet it is helping "prop up" the regime.
Rubio has been extremely critical of the Maduro regime during his years in the Senate, advocating for sanctions against him and his top officials. During his confirmation hearing he said the Biden administration "got played" after agreeing to lift some sanctions in exchange for steps toward freer and fairer elections.
"Now they have these general licenses where companies like Chevron are actually providing billions of dollars of money into the regime's coffers, and the regime kept none of the promises that they made. So all that needs to be re-explored," Rubio said during the hearing.
There could be developments on the matter soon, as Richard Grenell, Trump envoy for special missions, is set to meet with Maduro on Friday. The topics addressed have not surfaced, but it is expected that migration will take a central role as Venezuela is among the countries with the largest amount of people attempting to reach the U.S. but whose government won't take them back if deported.
Edmundo González, recognized by the U.S. as the country's president-elect, warned against such an agreement this week, saying such a scenario could further strengthen his grip on power. Speaking to The Washington Post, he said sending deported Venezuelans directly back to Maduro would allow him to use them for political gain. Instead, he is suggesting that deportees be sent to a third country.
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