Chevron to Stay in Venezuela for ‘Many Years’ Despite Crisis

[TomSea]

Chevron to Stay in Venezuela for ‘Many Years’ Despite Crisis
By Kevin Crowley

Chevron Corp. plans to stay the course in Venezuela despite the Latin American country’s deteriorating economy and growing humanitarian crisis, the oil major’s top executive for the region said.

“We’re committed to Venezuela and we plan to be there for many years to come,” Clay Neff, Chevron’s president for Africa and Latin America, said in an interview late Thursday. Any suggestion the company is considering leaving “is not accurate.”

The Wall Street Journal earlier reported that Venezuela’s worsening economic crisis was leading executives to consider quitting the country, as rivals Exxon Mobil Corp. and ConocoPhillips have done. Chevron is one of the largest foreign investors in Venezuela with stakes in several projects including Petropiar, a plant that converts tar-like, extra-heavy crude into lighter oils for refineries. It partners with state-run Petroleos de Venezuela SA, or PDVSA.

More at: https://www.bloomberg.com/news/articles/2018-11-08/chevron-sees-disruption-and-volatility-as-venezuela-descends

[IsailedawayfromFR]

Chevron is also keeping its office in the state of California, which hates oil companies.

Look for Chevron weakening as it does more battle with CA than with making oil and gas.