OFAC authorizes limited transactions of US firms with PDVSA

The United States Government, through OFAC, authorized some transactions of four US firms with the Venezuelan state-owned PDVSA

The Government of the United States announced this Tuesday, through OFAC, the authorization of some transactions of four US firms with the state oil company Petróleos de Venezuela (PDVSA), prohibited since November 2018, while maintaining restrictions on the production or commercialization of hydrocarbons in the country.

The Office of Foreign Assets Control (OFAC), attached to the Department of the Treasury, authorized until November 19 some transactions of the companies: Halliburton, Schlumberger Limited, Baker Hughes Holdings and Weatherford International.

The authorization allows oil service companies to carry out the necessary actions for “the limited maintenance of essential operations in Venezuela or the gradual termination of operations in Venezuela” and to “guarantee the safety of personnel or the integrity of operations and assets in Venezuela,” OFAC said in a statement.

The division of the Treasury Department authorizes said companies to “participate in shareholder meetings and boards of directors, pay third-party invoices for authorized transactions and activities, pay local taxes, and pay salaries to employees.” and contractors in Venezuela”.

Likewise, OFAC prohibits said companies from “drilling, extracting or processing, buying or selling, transporting or shipping oil or any oil product of Venezuelan origin.”

Finally, the Treasury Department office maintains the prohibition of said companies from participating in the design, construction, installation, repair or improvements “of any well or other facilities or infrastructure in Venezuela”, or “the purchase or provision of any goods or services except those required for security.

OFAC also clarified that the authorization does not include “any transaction related to the export or re-export to Venezuela of diluents, directly or indirectly.”

Taken from El Sumario

(Reference image source: Unsplash, in collaboration with Getty Images)

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