*

Rubio post on X contradicts special envoy's statement

*

Special envoy Grenell had said license would be extended

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Chevron ( CVX ) shipped some 240,000 bpd of Venezuelan oil to US

through

March

(New throughout, adds details, background and U.S. State

Department's guidance)

WASHINGTON, May 22 (Reuters) - Oil producer Chevron's ( CVX )

U.S. license to operate in Venezuela will expire on May

27 as planned, Secretary of State Marco Rubio said in a post on

his personal X account.

Rubio's post contradicted U.S. special envoy Richard

Grenell's contention on Tuesday following a meeting with a

Venezuelan top official that a 60-day extension of the license

would be granted. Rubio's brief post did not mention the talks.

"The pro-Maduro Biden oil license in #Venezuela will expire

as scheduled next Tuesday May 27," Rubio said in his post late

on Wednesday.

The U.S. company's license to do business in the South

American country is set to expire next week once a wind-down

period granted to complete transactions expires, but most

partners of Venezuela's sanctioned state-run oil firm PDVSA have

requested extensions.

U.S. President Donald Trump said in February he would revoke

the license issued by his predecessor Joe Biden more than two

years ago. Trump accused President Nicolas Maduro of not making

progress on electoral reforms and migrant returns.

Following Grenell's trip to the Caribbean island of Antigua

this week, which allowed the release of an American that had

been jailed for months in Venezuela, the U.S. State Department

issued guidance to the Treasury Department objecting to the

extension, four sources close to the decision told Reuters.

Any extension would need to be approved by the U.S.

Treasury and State Departments. The State Department provides

guidance for the Treasury to rule on any changes to sanction

regimes.

Venezuela has some of the world's largest reserves of oil,

but its crude output remains at a fraction of what it was a

decade ago after a lack of investment, mismanagement at PDVSA

and U.S. sanctions on Venezuela's energy industry since 2019.

The licenses to Chevron ( CVX ) and other foreign firms in Venezuela

have allowed a slight recovery in oil output and exports since

2023.

Maduro and his government have always rejected sanctions by

the U.S. and others, saying they amount to an "economic war"

designed to cripple Venezuela. Maduro and his allies have

cheered what they say is the country's resilience and have

blamed some economic hardships and shortages on sanctions.

The State Department did not immediately reply to a request

for comment on Rubio's post. The Treasury's Office of Foreign

Assets Control, which administers sanctions, declined to

comment. Chevron ( CVX ) did not immediately respond to a request for

comment.

Even if granted, a 60-day extension for Chevron ( CVX ) to wind down

operations in Venezuela would not necessarily lead to the

resumption of its exports of Venezuelan oil to the U.S.

PDVSA

canceled

cargoes to the company in April over payment uncertainty, a

situation that has not been resolved. Chevron ( CVX ) must pay

royalties, taxes and a portion of its joint ventures' operative

expenses in Venezuela in order to get access to crude cargoes.