11:01 AM EST, 03/04/2025 (MT Newswires) -- (Updates with further details in the second and third paragraphs.)

The US Treasury Department's Office of Foreign Assets Control on Tuesday authorized "the wind down of certain transactions related to Chevron ( CVX ) corporation's joint ventures in Venezuela."

The Treasury Department revoked Chevron's ( CVX ) license to operate the ventures in Venezuela and gave the company until April 3 to complete winding down its operations.

According to a statement from the department, a new license was issued to Chevron ( CVX ), limiting the sale of the ventures' petroleum products to just the US. The new license, however, does not allow payments of taxes or royalties to the Venezuelan government or any dividends to Chevron's ( CVX ) local joint venture partner.

Chevron ( CVX ) did not immediately reply to a request for comment from MT Newswires.

Price: 151.35, Change: -1.74, Percent Change: -1.14