02:59 PM EST, 03/04/2025 (MT Newswires) -- The US Treasury Department has asked Chevron ( CVX ) to wind down operations in Venezuela within a month, while issuing a new license that immediately prohibits it from paying taxes and royalties to Nicolas Maduro's regime.

The department's Office of Foreign Assets Control gave the US oil giant until April 3 to wind down joint ventures or other associated operations in the country.

Chevron ( CVX ) is barred from paying taxes or royalties to the Venezuelan government and dividend payments to Petroleos de Venezuela, the state-owned oil company known as PDVSA. It is also prohibited to pay dividends to any entity in which PDVSA owns, directly or indirectly, a 50% or greater interest.

On its website, Chevron ( CVX ) refers to itself as one of the leading private oil companies in Venezuela. It works with five onshore and offshore production projects in partnership with PDVSA, the website shows. Chevron ( CVX ) additionally has four non-operated joint-venture operations in partnership with PDVSA and three heavy or extra-heavy crude oil projects.

The company did not respond to a request for comment from MT Newswires.

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