Chevron happy in Venezuela, says it's there for the 'long term'

Chevron Corp. sees its oil business with Venezuela as a 'long-term' relationship, a top executive of the oil giant said Thursday, adding that Chevron plans to comply with new contractual terms for its projects in the Orinoco Belt. 'We will continue to follow our contract to the government of Venezuela and PdVSA,' Ali Moshiri, president for Chevron Africa and Latin America Exploration and Production, told Dow Jones Newswires. 'We are in Venezuela for the long term.'