The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a new package of general licenses intended to broaden the capabilities of American and international companies in Venezuela’s energy and mining sectors. Documents designated as licenses 46C, 47A, 48B, 50B, 51B, 52A and 54A replace earlier versions issued in February and March of this year. In particular, license 50B codifies permissions for major firms such as Chevron, Repsol, Shell, BP, Eni and Maurel & Prom to operate in Venezuela’s oil and gas industry, and also authorizes the export, commercialization and transport of Venezuelan crude oil and petrochemical products to the United States for American companies established before January 29, 2025.
Beyond the oil sector, the new licenses introduce relaxations for the mining industry: licenses 51B and 54A permit the export, transport, processing and supply of goods and services for mineral extraction under ongoing supervision and with mandatory reporting. License 47A also allows the export from the US to Venezuela of diluents, technological equipment, software and services for oil, petrochemical and electrical projects. It is important to note, however, that all of these relaxations maintain strict limitations: transactions with Russia, Iran, Cuba, North Korea and China-controlled entities remain prohibited, as do dealings involving blocked vessels, payments in gold and cryptocurrencies, and debt schemes.
Full version: EEUU emite nuevo paquete de licencias para ampliar las operaciones energéticas y mineras en Venezuela