US treasury allows conditional oil, gas deals in Venezuela

The Office of Foreign Assets Control (OFAC), part of the United States Department of the Treasury, has issued a new license authorising certain transactions related to Venezuela’s oil and gas sector nearly six weeks after US forces stormed Caracas and captured President Nicolas Maduro and his wife and shipped them to New York.

According to the document, the license permits negotiations and the signing of conditional contracts for new investments in oil and gas projects in Venezuela, Caliber.Az reports.

However, the implementation of any such agreements will require separate approval from the Treasury Department, meaning additional authorisation must be obtained before projects can proceed.

The license does not apply to legal entities or individuals from Russia, China, Iran, North Korea, and Cuba, nor to companies controlled by parties from those countries, maintaining restrictions on their involvement in Venezuela’s energy sector.

By Sabina Mammadli