The Office of Control of Foreign Assets (OFAC) authorized the company PDV Holding and Citgo Holding to maintain its “operations based on long-term planning and fulfill its contractual commitments”.
This company is linked to the state oil company Petróleos de Venezuela (Pdvsa). The extension in turn was approved by the US Department of the Treasury.
It should be noted that on 28th January 2019 OFAC sanctioned Pdvsa with a ban on the purchase and sale of crude oil and derivative products from the United States and had established an authorization for Citgo to continue operating until July 27th, 2018.
Thanks to this license Citgo will be able to continue without any inconvenience in its refining, distribution and sale operations in the United States, where it has a strong presence through three refineries with a total refining capacity of 749,000 barrels per day of oil, nine oil pipelines and 48 storage terminals with a capacity of 22 million barrels.
The oil that Citgo processes mostly comes from the Venezuelan state-owned company, but these transactions are practically paralyzed due to the sanctions imposed by the United States.
K. Tovar
Source: Infobae
