US OFAC issues new licenses for Venezuelan energy and petrochemical sectors

OFAC Venezuela sanctions oil industry petrochemicals energy sector

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued three new general licenses—46E, 48D, and 49B—to update and replace previous authorizations regarding Venezuela.

General License 46E permits established U.S. entities to engage in activities related to the extraction, sale, transport, and refining of Venezuelan-origin oil and petrochemical products, including the explicit addition of methanol. It also allows for crude oil swaps. Companies exporting to third countries must provide detailed reports to the U.S. government.

General License 48D authorizes the supply of goods, technology, software, and services from the U.S. to support the exploration and production of oil, gas, and petrochemicals, as well as the maintenance and operation of Venezuela’s electricity system. However, it strictly prohibits the export of diluents to Venezuela and the formation of new joint ventures.

General License 49B allows for the negotiation and signing of contingent contracts for new investments in the oil, gas, petrochemical, and electricity sectors.

These measures include strict prohibitions on transactions involving entities from Cuba, Russia, Iran, or North Korea. Furthermore, any legal disputes involving contracts with the Venezuelan state or PDVSA must be resolved in specific jurisdictions, such as the United States, the United Kingdom, France, or Singapore.

Entities

Office of Foreign Assets Control · Petróleos de Venezuela, S.A. · Petróleos de Venezuela, SA · U.S. Department of the Treasury · United States · United States Department of the Treasury · Venezuela

Claims

What the coverage asserts, and how many sources carry each claim.

[● 10 SOURCES] OFAC issued general licenses 46E, 48D, and 49B to replace previous versions. ciudadmcy.info.ve · www.notitarde.com.ve · yaracuyaldia.com · 2001online.com · bhaskarlive.in · +5 more
[● 3 SOURCES] Transactions involving entities from Cuba, Russia, Iran, or North Korea are explicitly excluded from the authorized activities. www.notitarde.com.ve · www.cubaheadlines.com · nuevodia.com.ve
[● 4 SOURCES] The licenses prohibit the creation of new joint ventures and the export of diluents to Venezuela. yaracuyaldia.com · bhaskarlive.in · www.socialnews.xyz · caraotadigital.net
[● 10 SOURCES] General License 48D permits the supply of goods, technology, and services for the oil, gas, and electricity sectors in Venezuela. ciudadmcy.info.ve · www.notitarde.com.ve · yaracuyaldia.com · 2001online.com · bhaskarlive.in · +5 more
[● 10 SOURCES] General License 46E authorizes the extraction, export, sale, storage, and refining of Venezuelan oil and petrochemicals for import to the U.S. ciudadmcy.info.ve · www.notitarde.com.ve · yaracuyaldia.com · 2001online.com · bhaskarlive.in · +5 more
[● 2 SOURCES] The new licenses do not constitute a general lifting of sanctions on Venezuela. bhaskarlive.in · www.socialnews.xyz
[● 2 SOURCES] Methanol has been explicitly added to the list of covered petrochemical products in the revised licenses. bhaskarlive.in · www.socialnews.xyz
[● 10 SOURCES] General License 49B allows for the negotiation of contingent contracts for new investments in the oil, gas, petrochemical, and electricity sectors. ciudadmcy.info.ve · www.notitarde.com.ve · yaracuyaldia.com · 2001online.com · bhaskarlive.in · +5 more