By Vivian Sequera

CARACAS (Reuters) – Venezuela’s oil minister mentioned on Tuesday progress to relaunch operations of oil main Chevron Corp (NYSE:) within the U.S.-sanctioned South American nation is dependent upon licenses by Washington.

The U.S. Treasury Division in Might renewed a license that permits Chevron to function in Venezuela below very restrictive phrases. The corporate had requested expanded privileges to relaunch joint ventures with state-run Petróleos de Venezuela S.A., or PDVSA , and get better billions of {dollars} of excellent debt by buying and selling Venezuelan oil.

Venezuela is able to transfer forward with enterprise with the California-based agency, following months of discussions with PDVSA, minister Tareck El Aissami instructed journalists.

In Might, Chevron was additionally granted a U.S. allow to barter with Venezuelan prime officers.

“(Progress of the) talks now not is dependent upon the Venezuelan authorities’s authorities, however on the so-called licenses by OFAC to relaunch and restitute (Chevron’s) operations in Venezuela. Venezuelans are prepared,” the minister mentioned.

El Aissami referred to Chevron following a press convention to announce a brand new corruption probe on former oil minister Rafael Ramirez.

Following an investigation over monetary offers with PDVSA, the oil ministry is now asking Venezuela’s Common Legal professional Workplace to formally request a global warrant for the arrest of Ramirez, who lives in Italy.

An extradition request by Venezuela over earlier corruption allegations involving Ramirez was lately denied by an Italian court docket.

Ramirez didn’t instantly reply to a request for remark.