The American multinational energy company, Chevron Corporation, is still in two minds in terms of whether to leave Venezuela amidst decreasing profit and increasing corruption in the country.
Criticized for working in close quarters with the Venezuelan Maduro government, Chevron is the last major U.S.-based oil producing company still operating in Venezuela. Chevron is also one of the largest foreign investors in Venezuela, with stakes in several important projects like Petropiar, a plant that converts tar-like, extra-heavy crude into lighter oils for refineries.
Top competitors of the company like Exxon (XOM, $81.71) and ConocoPhillips (COP, $66.91) have left the country almost a decade back as the government began nationalizing oil fields managed by foreign operators and started raising taxes sharply.
Despite rampant corruption remaining one of the top concerns for the company, top executives of the company from the region have indicated that Chevron plans to stay the course in Venezuela despite the Latin American country’s deteriorating economy and growing humanitarian crisis. However, the top executives of the company in U.S. are yet to confirm anything.