OFAC issues new licenses for oil, gas, and gold trading in Venezuela
On June 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a new set of general licenses for the trading of oil, gas, and gold, among other commodities, in Venezuela
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)
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