Doing Business in Venezuela: Suggestions for Chevron

If you were a manager working for Chevron, what would you suggest they do regarding doing business in Venezuela?

Do recent events in the world, such as $5 gas at the pump, influence your decision?

Suggestions for Chevron in Doing Business in Venezuela

As a manager working for Chevron, I would suggest that the company continue to do business in Venezuela, but with caution. Recent events such as the $5 gas at the pump in the US can impact the company's operations and profitability in Venezuela due to fluctuations in oil prices.

Given the current situation, it is essential for Chevron to take proactive steps to mitigate risks and ensure successful operations in Venezuela. Here are some suggestions:

1. Strengthen Relationships with the Venezuelan Government: It is crucial for Chevron to work closely with the government to understand policies and regulatory environment.
2. Diversify Operations: Considering diversifying operations in Venezuela by investing in other sectors of the economy, such as renewable energy to reduce dependency on oil.
3. Build a Strong Local Team: Develop a local team in Venezuela that understands the culture and business practices to navigate challenges effectively.
4. Focus on Safety and Environmental Compliance: Prioritize safety and environmental compliance in all operations to maintain a positive reputation and mitigate risks.
5. Monitor Political and Economic Situation: Continuously monitor the political and economic environment in Venezuela to make informed decisions and adapt strategies accordingly.