The talks, set to restart on Nov 26, could alleviate its long-running political and economic crises and open the door for Washington to clear expanded operations in Venezuela by Chevron Corp.

Previous talks were suspended in October 2021 by the government of President Nicolas Maduro, upset by the US extradition of a businessman with ties to his administration.

The talks are expected to cover a “social plan” to provide humanitarian aid of some US$3 billion in UN-administered funds.

They will also address US sanctions on Venezuela, presidential elections, and the status of hundreds of political prisoners.

“We are convinced that this social agreement will open the doors to advance the extensive agenda of national dialogue, in the fulfilment of all its objectives for the good of our country,” Jorge Rodriguez, president of the ruling party-dominated National Assembly, said in a written statement shortly after the announcement.

US Department of State official Brian Nichols welcomed the return to dialogue among the parties.

“We hope they will work toward alleviating the humanitarian challenges facing Venezuelans, and free and fair elections,” he said on Twitter.

On Thursday, Maduro said the renewed talks were “dialogue with the embittered.”

“We have engaged in dialogue with the extremist sector,” Maduro said during a broadcast on state television; “the political sector dependent on the US.”

He said the aim of the talks will be to recover seized resources and invest them in the people.

“Later we will see what other issues can be discussed with this opposition,” he added.

Renewed political dialogue in Venezuela has been repeatedly delayed due to disagreements over the terms, especially related to elections, as well as the origin of the funds for the social plan, according to two sources with knowledge of the matter.

Three sources told Reuters the US was preparing an extended a license for oil company Chevron’s operations in Venezuela if the meeting between the Venezuelan government and the opposition took place.

Chevron could win US approval as soon as Saturday, once the talks resume, which will help rebuild sagging oil production in the Latin American nation.