The U.S. Office of Foreign Assets Control (OFAC) issued new General Licenses 61 and 62 on August 12, which allow the export to Venezuela of goods, software, hardware, and services related to the installation, improvement, maintenance, and repair of infrastructure in the telecommunications sector.

General License 61 has implications in the area of ​​connectivity, encompassing internet, telephony, data, radio, and television services, as well as news broadcasts and the maintenance of submarine cables or satellite links.

The instrument also authorizes direct transactions with national institutions such as CANTV, Movilnet, and CONATEL.

As for General License 62, its scope focuses on contract negotiation, the signing of preliminary agreements, bidding processes, as well as executable offers and memoranda of understanding for future investments in Venezuela. It facilitates alliances for the creation of joint ventures or the search for new suppliers in the local market.

The United States will govern the legal framework for all negotiations and contracts. Notification to the State Department of the established deadlines after the signing of the agreements is also required.

M.Pino

With information from national and international media

(Reference image source: Mario Caruso on Unsplash)

Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram

La entrada OFAC General Licenses 61 and 62 authorize negotiations in the telecommunications sector apareció primero en Bitfinance.

A new set of licenses was announced by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on June 10. The resolutions expand and update the authorizations for energy and mining operations related to the country.

Licenses 46C, 47A, 48B, 50B, 51B, 52A, and 54A immediately supersede the previous versions published between February and March of this year.

“Among the most relevant changes, OFAC authorized new operations related to the export, marketing, and transportation of Venezuelan oil and petrochemical products to the United States.”

According to the announcement, the benefit covers U.S. companies established before January 29, 2025. “License 50B also ratified permits for transnational corporations such as Chevron, Repsol, Shell, BP, Eni, and Maurel & Prom for activities related to the Venezuelan oil and gas sector.”

On the other hand, license 47A authorizes the export of diluents to Venezuela, and license 48B authorizes the “supply of technology, software, equipment, and services for oil, petrochemical, and electrical projects within the country.”

In the mining sector, operations related to Venezuelan minerals, including gold, are being made more flexible through licenses 51B and 54A, which will allow the export, transport, processing, and supply of goods linked to mining activities under strict oversight mechanisms and periodic reporting.

M.Pino

Source: puntodecorte

(Reference image source: Shane McLendon en Unsplash)

Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram

La entrada OFAC issues new licenses for oil, gas, and gold trading in Venezuela apareció primero en Bitfinance.

The Donald Trump administration lifted sanctions on the Central Bank of Venezuela, as well as other banks in the country, through General License No. 57, issued by the Office of Foreign Assets Control (OFAC).

The measure, announced on Tuesday, April 14, “allows the reactivation of a wide range of financial services with the Central Bank of Venezuela and public banks, from transfers and dollar accounts to digital payments, remittances, and stock market operations.”

The Trump Administration’s authorization includes the Central Bank of Venezuela, as well as the Bank of Venezuela, the Digital Workers’ Bank, and the Treasury Bank.

 

Ver esta publicación en Instagram

 

Una publicación compartida por Diario Las Américas (@diariolasamericas)

Among the financial services that the OFAC license will permit are:

• Comprehensive management of accounts and basic banking services: account maintenance, operation, and closure; loans, transfers, and fund transfers, as well as general banking services.
• Traditional financial operations: these include money transfers; collection, presentation, promise, order, and consignment of payments; acceptance of deposits; issuance of insurance and guarantees. Also included are cash withdrawals; check services; ACH transfers and international electronic transfers.
• Digital operations: with debit cards, prepaid cards, and ATMs; issuance and use of payment cards and digital wallets; as well as other instruments defined within international payment standards.
• Foreign exchange and correspondent banking: foreign exchange is authorized; banking, payment, and correspondent account services denominated in US dollars. Also included are services associated with sending, processing, collecting, and receiving funds or remittances.
• Employee payments and benefits: This refers to the processing and receipt of salaries, pensions, annuities, payroll, and other employee payments or benefits.
• Transfers via digital technology: This includes sending funds via mobile money, mobile wallets, digital bank accounts, credit and debit cards, online payments, and other electronic platforms.
• Security and financial technology: This anticipates the implementation and operation of services related to fraud prevention, verification, authentication, cybersecurity, and transaction protection by the Central Bank of Venezuela and public banks.
• Securities market and financial instruments: This includes investments and transactions with securities, as well as operations with futures or options on commodities, which could facilitate issuances in foreign currency.

M.Pino

Source: elestimulo

(Reference image source: file)

Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram

La entrada The United States lifts sanctions on Central Bank of Venezuela apareció primero en Bitfinance.

A new license issued by the US Treasury Department’s Office of Foreign Assets Control (OFAC) has extended the auction of the Citgo refinery until March.

The document states that it “temporarily prevents creditors from invoking US courts to collect debts against the Citgo Petroleum Corporation.”

The license “authorizes holders of Petróleos de Venezuela S.A. (PDVSA) bonds maturing in 2020 to conduct transactions starting March 20 and keeps the auction blocked.”

This new extension delays the legal proceedings against the refinery, “while the Venezuelan state reaffirms that the U.S. justice system has acted against international law to favor the interests of political groups.”

M.Pino

Source: ultimasnoticias

(Reference image source: Sasun Bughdaryan on Unsplash)

Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram

La entrada The United States extends Citgo auction until March apareció primero en Bitfinance.

The U.S. Department of the Treasury extended gas delivery and offloading in Venezuela until September 7 through General License No. 40D, issued by the Office of Foreign Assets Control (OFAC).

The new license replaces license 40C and authorizes, until the indicated date, “certain transactions with Venezuela related to liquefied petroleum gas (LPG).”

The document released by OFAC details the conditions of this extension for the specific commercial activity of gas delivery and unloading in Venezuela, valid for shipments loaded onto vessels until July 7, 2025.

M.Pino

Source: notitarde

(Reference image source: Inside Dreamatorium on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada OFAC extends license for gas delivery and offloading in Venezuela apareció primero en Bitfinance.

The American oil company Chevron will continue operations in Venezuela after the United States Office of Foreign Assets Control (OFAC) automatically renewed General License number 41 for six months.

The decision was announced during the visit to Venezuela of Donald Trump’s envoy, Richard Grenell, last Friday, January 31, to discuss issues of common interest.

According to the lawyer and expert in economic law José Ignacio Hernández on Saturday, February 1, “Chevron represents around 25 % of oil production in Venezuela, which underlines the importance of the company in a country whose economy depends largely on oil revenues.”

Hernández emphasized that the renewal of Chevron’s license could have a positive impact on the fiscal capacity of the Venezuelan government by increasing the available resources.

It is important to note that the American oil company has had a presence in the country since 1923 when it began exploration work. Currently, it works together with subsidiaries of Petróleos de Venezuela (PDVSA), in five land and sea production projects in the west and east of the territory.

M.Pino

Source: bancaynegocios

(Reference image source: Luis Ramirez on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada Chevron to continue operations in Venezuela apareció primero en Bitfinance.

The Office of Foreign Assets Control of the United States Department of the Treasury (OFAC) announced on Thursday, November 7, the extension for six months, until May 9, 2025, of the licenses to operate in Venezuela for the oil service companies Halliburton, Schlumberger Limited, Baker Hughes Holdings and Weatherford International.

“Under the terms of the license, these companies may carry out operations necessary to maintain the security or preservation of their assets in Venezuela.”

Companies benefiting from this extension are authorized to establish contracts with companies involving the state oil company PDVSA “or any entity in which PDVSA directly or indirectly owns 50 % or more of the shareholding,” in force before July 26, 2019.

The permits include various well maintenance tasks, as well as the provision of drills and the rental of equipment necessary for crude oil exploration and production activities.

This OFAC extension contemplates certain conditions. According to paragraph (a), these include “transactions and activities necessary to guarantee the security of personnel, or the integrity of operations and assets in Venezuela.”

Furthermore, the directors of the authorized companies may participate in shareholder and board meetings; make “payments of third-party invoices for transactions and activities authorized by paragraph (a) of this general license, or incurred before April 21, 2020, provided that such activity was authorized at the time it occurred.”

OFAC also authorizes companies with an extended license to make payments for “local taxes and the contracting of public services in Venezuela, as well as the cancellation of salaries for employees and contractors in the country.”

M.Pino

Source: bancaynegocios

(Reference image source: Documerica in Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada OFAC extends oil service companies’ licenses to operate in Venezuela for six months apareció primero en Bitfinance.

Chevron’s operations in Venezuela will be able to continue until April 2025 after the United States Department of the Treasury, through the Office of Foreign Assets Control (OFAC), renewed General License 41 that authorizes said activity.

Thus, the oil company Chevron has permission to carry out operations in Venezuela until the stipulated date, through automatic renewal.

José Ignacio Hernández, a lawyer and university professor, stated on his account on the social network X on October 1: “Today, General License 41, which authorizes Chevron to carry out oil activities, was automatically renewed. Despite the prohibitions, the company appears to pay royalties and taxes to the Maduro government. Without transparency.”

The license authorizes Chevron to “extract oil and its derivatives, market crude oil only in the United States, but cannot sell or export that oil to other jurisdictions outside the North American country.”

General License 41 also authorizes “activities related to Chevron’s joint ventures in Venezuela only, and does not authorize other activities with Pdvsa.”

What this license does authorize are the transactions necessary for “certain activities linked to both companies or any entity in which Pdvsa has, directly or indirectly, a participation of 50 or more.”

M.Pino

Source: quepasa

(Reference image source: Luis Ramirez in Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Chevron will be able to operate in Venezuela until April 2025 apareció primero en Bitfinance.