Venezuela Factions Restart Talks, Eyeing Sanctions Relief

  • In Business
  • 2022-11-26 18:49:06Z
  • By Bloomberg

(Bloomberg) -- Venezuela's battling political factions restarted negotiations on Saturday in Mexico, signing a rare deal to work together on a humanitarian spending plan and setting the stage for the US to ease restrictions on Chevron Corp. to operate in the country.

Most Read from Bloomberg

  • Tiantian Kullander, Co-Founder of Crypto Firm Amber, Dies at 30

  • US Shoppers Kick Off Holiday Season With a Muted Black Friday

  • Trump Dines at Mar-a-Lago With Rapper Ye, White Supremacist

  • A Rival's Misstep Helped Anwar Finally Land Malaysia's Top Job

  • At Nantucket Retreat, Biden Family Weighs Run for Second Term

Representatives of the Venezuelan government and the opposition signed a humanitarian agreement that seeks to get access to some of the country's frozen funds abroad and using them to reinforce the public health system and the electrical grid, among other purposes.

The parties also agreed to request support from the United Nations with the implementation of the program in the country, which includes the "establishment of a single trust fund for the protection of the Venezuelan people," according to the agreement. Compliance will be monitored by various representatives to the agreement.

In addition, Chevron received a six-month license that authorizes the company to produce petroleum or petroleum products in Venezuela and resume crude exports, according to a general license from the US Treasury Department. It doesn't allow Chevron to expand its operations in the country, or permit oil related imports from Iran and Russia.

The San Ramon, California-based driller's crude exports had been halted since 2019, when the US ratcheted up sanctions against the OPEC producer. In 2020, before the US ordered a complete halt of drilling operations, Chevron's share of Venezuelan crude oil production was 15,000 barrels a day.

US Eases Sanctions on Venezuela With Chevron Resuming Oil Output

Delegations representing President Nicolas Maduro and opposition political parties opened the meetings in Mexico City after signing an agreement to repair electricity grids and pay for health care projects using $2.7 billion of funds currently frozen in international accounts due to US sanctions.

Read More: Venezuela's Maduro Hits International Circuit Seeking Legitimacy

"We'll keep trying to get an approach because we believe the negotiation is the tool to allow Venezuelan people to sign such agreements," said Gerardo Blyde, head of the opposition's delegation. "They don't solve the problem on its root though."

If talks continue in subsequent rounds of negotiations, the opposition plans to press the government to set conditions for Venezuela's 2024 presidential elections.

The deal for humanitarian projects, which would be overseen by the United Nations, is an important step for the two sides to work together on larger political issues, said Luis Vicente Leon, director of Caracas-based consultancy Datanalisis.

"The parties are going to Mexico to finalize what they've already agreed upon," Leon said, referring to the plan. "It's probably the only way for the opposition to move toward some agreements that help reinsert it in the political scenario."

Maduro is in urgent need of cash to keep the nation's recovery on track, as the economy stabilizes following one of the deepest slumps in world history, which caused more than 7 million people to flee the country. He sent his top deputy, National Assembly President Jorge Rodriguez, to the Mexican capital while the opposition coalition is led by Blyde. Members of the opposition said they expect to meet every 15 days.

The parties haven't agree on a date for their next meeting in Mexico, Rodriguez said.

Previous rounds of talks between the government and the opposition have collapsed, most recently in October 2021, when Maduro walked away from the table after his ally and Colombian financier, Alex Saab, was extradited to the US to face money laundering charges. In this round of talks, Saab's wife, Camilla Fabri, is acting as Maduro's representative.

Read More: Reviving Venezuelan Oil Supplies to Take Years, Chevron CEO Says

--With assistance from Andreina Itriago Acosta and Alex Vasquez.

(Updates with additional information on Chevron license in fourth paragraph.)

Most Read from Bloomberg Businessweek

  • Apple's Reliance on China Grows Perilous With Chaos in iPhone City

  • Elon Musk Keeps Quoting Elon Musk About His Genius

  • The Robot Tractors Are Coming, Just as Soon as We Crush a Few Bugs

  • Professor Behind Effective Altruism on What SBF's Fall Means

  • Crypto's Crash Is Helping a Few Couples Rekindle Their Relationships

©2022 Bloomberg L.P.


More Related News

The Fear of Being J. Crewed Is Once Again Roiling Leveraged Loans
The Fear of Being J. Crewed Is Once Again Roiling Leveraged Loans

(Bloomberg) -- It's the notification every lender fears: designation of an unrestricted subsidiary. Most Read from BloombergPension Funds in Historic Surplus...

US, Netherlands and Japan reportedly agree to limit China
US, Netherlands and Japan reportedly agree to limit China's access to chipmaking equipment

The Biden administration has reportedly reached an agreement with the Netherlands and Japan to restrict China's access to advanced chipmaking machinery made ...

Nuclear Experts Raise Concerns About Zaporizhzhia Plant
Nuclear Experts Raise Concerns About Zaporizhzhia Plant
  • World
  • 2023-01-28 15:11:29Z

United Nations inspectors at the Zaporizhzhia Nuclear Power Plant in southern Ukraine say explosions from the artillery war being waged nearby rattle the...

It Won
It Won't Take Much for the ECB to Crush Rate-Cut Bets Next Week

(Bloomberg) -- Most Read from BloombergAdani Rout Crosses $51 Billion as Stocks Plunge by Daily LimitsPutin Plans New Ukraine Push Despite Losses as He...

Mali defends Russian ties and opposes options for UN force
Mali defends Russian ties and opposes options for UN force
  • US
  • 2023-01-28 06:38:45Z

Mali's foreign minister defended the military government's cooperation with Russia on Friday and rejected three options proposed by the U.N. chief to...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


  • tarot para el 2023
    (2022-11-26 19:58:26Z)

    This particular is usually apparently essential and moreover outstanding truth along with for sure fair-minded and moreover admittedly useful My business is looking to find in advance designed for this specific useful stuffs…

  • IPTV Tune
    (2022-11-28 12:02:15Z)

    This article was written by a real thinking writer. I agree many of the with the solid points made by the writer. I’ll be back.

  • i am always looking for some free stuffs over the internet. there are also some companies which gives free samples.

  • how to patent a product
    (2022-12-02 19:14:42Z)

    Really I enjoy your site with effective and useful information. It is included very nice post with a lot of our resources.thanks for share. i enjoy this post.

  • 토토사이트
    (2022-12-03 03:46:04Z)

    The country's best gaming verification team, specializing in Powerball and Toto site reviews, updates the latest Toto gaming information every day to compile the best list of gaming safety tips. Use this list to get the best sports betting experience.

  • Wow, cool post. I’d like to write like this too – taking time and real hard work to make a great article… but I put things off too much and never seem to get started. Thanks though.

  • acim
    (2023-01-04 16:47:02Z)

    You made such an interesting piece to read, giving every subject enlightenment for us to gain knowledge. Thanks for sharing the such information with us to read this...

    (2023-01-12 02:48:12Z)

    Great job here on _______ I read a lot of blog posts, but I never heard a topic like this. I Love this topic you made about the blogger's bucket list. Very resourceful.

  • spiritually enlightening movies
    (2023-01-26 00:47:21Z)

    I am very much pleased with the contents you have mentioned. I wanted to thank you for this great article.


Top News: Business