US authorizes licenses for Venezuela's oil and gas sectors
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Friday issued two new general licenses aimed at enabling transactions within Venezuela’s energy sector.
The first, General License 49, authorizes the negotiation of and entry into contingent contracts for certain investments in Venezuela, News.Az reports, citing foreign media.
The second, General License 50, permits transactions related to oil or gas sector operations by certain entities in the South American nation.
These actions follow recent legal reforms in Venezuela as well as the capture of former President Nicolás Maduro, developments that have prompted the U.S. to adjust its long-standing sanctions regime.
According to the Treasury, the new measures took effect on Friday at 0800 GMT.
The U.S. government also emphasized that it retains the authority to revoke or amend these licenses in response to compliance issues or changes in policy and circumstances.
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News.Az
By Nijat Babayev
