Venezuela to Reinvest Debt Owed to Chevron in Local Oil Industry

Venezuela will reinvest the debt it owes to Chevron Corp. after US President Donald Trump gave the oil giant one month to stop producing oil in the South American nation.

“We’re being banned from paying our debt to Chevron and now that money will be invested in the oil industry,” National Assembly head Jorge Rodríguez said on Thursday. “This is nothing but the US shooting itself in the foot.”

Jorge Rodriguez

Photographer: Bloomberg

Earlier this week the US Treasury set an April 3 deadline for Chevron to wrap up operations in the country, marking an intensification of US restrictions on Venezuela after a ...