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Venezuela to sign new contracts to boost oil output at joint ventures

Venezuela plans to soon sign new contracts to boost oil output at joint ventures between state firm PDVSA and private energy companies.

The country's oil minister Tareck El Aissami made the announcement today.

The U.S. Treasury Department on Saturday authorized California-based Chevron Corp to expand operations at its Venezuela joint ventures, which is expected to help the country reanimate crude production and exports following almost four years of harsh U.S. oil trading sanctions.



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