US Treasury Expands Venezuelan Oil Operations with New General License
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued General License 52C, expanding the scope of operations that certain US companies can conduct with Petróleos de Venezuela (PDVSA) and other Venezuelan state-owned companies.
According to the license, US companies can participate in oil operations such as extraction, purchase, sale, storage, marketing, delivery, transportation, export, and re-export of Venezuelan oil and petroleum products.
The scope also includes activities within Venezuela, including the supply of diluents, goods, services, and technology necessary for exploration, development, and production in the oil, gas, and petrochemical sectors.
However, the license does not imply a lifting of US sanctions on PDVSA and excludes operations with individuals or entities on the Specially Designated Nationals (SDN) List, including those linked to Russia, Iran, North Korea, Cuba, and China.