Venezuela frees U.S. citizen as Chevron waiver set to be extended

(Bloomberg) – Venezuela released an American citizen on the same day the U.S. was set to give Chevron Corp. another 60-day waiver to operate in the country, part of a push by President Nicolas Maduro’s government and some voices in the Trump administration to improve ties.

Air Force veteran Joseph St. Clair was released and accompanied President Donald Trump’s envoy Richard Grenell back to the U.S. after meetings in Antigua, according to a person familiar with the matter who asked not to be identified discussing private deliberations. 

In a statement, St. Clair’s parents Scott and Patti said the news “came suddenly, and we are still processing it — but we are overwhelmed with joy and gratitude.” Their son had been detained for several months after he was seized along the border with Colombia.

The U.S. planned to announce the extension later Tuesday, according to the person, fulfilling a key demand from the oil major, which has ramped up production in recent years to supply about 20% of Venezuela’s output, helping inject hard currency into the country’s private sector. Trump revoked Chevron’s license in February but has given it more time to wind down its work there.

The developments on Tuesday are part of tentative efforts by Maduro’s regime to improve ties with the Trump administration in hopes that the president will lift some of the crippling sanctions that have choked off its economy and spurred hundreds of thousands of people to flee the country.

Some U.S. officials including Secretary of State Marco Rubio have pledged to maintain a hard line with Venezuela. But others, including Grenell, have taken a different approach, meeting from time to time with Venezuelan officials and negotiating for the country to pay for hundreds of its citizens deported from the U.S. to fly home.

The person familiar with the matter said Venezuela has accepted more than 3,000 people so far. The White House didn’t immediately respond to a request for comment. 

Venezuelan government and state oil company bonds rose on the news, with sovereign dollar notes maturing in 2031 gaining 0.5 cent to a session high.