Chevron CEO Urges Venezuelan Tax Cuts for Investment

Chevron's chief executive officer states that Venezuela must reduce taxes to attract new investment. This statement was made in a Bloomberg interview. The CEO's comments highlight conditions necessary for future capital into the Venezuelan oil sector. Several oil companies, including Chevron and Spanish-owned Repsol, have remained in Venezuela under new contract terms. Chevron is the only American company still operating in the country. Venezuela's oil sector has recently seen regulatory changes, including a new law opening it to privatization and foreign investment amid US pressure. The capacity of Canada's Trans Mountain Pipeline will soon increase by 90,000 barrels daily. This increase will be achieved through the use of drag reduction agents. The company operating the pipeline announced this expansion. Chevron Corporation announced the appointment of Scott A. Keller as general counsel. Keller, 44, will join Chevron on July 1. This article is intended for informational purposes only. It does not constitute investment advice.