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U.S. Loosens Restrictions on Venezuela Oil Sector
(MENAFN) The U.S. Treasury Department rolled out a general license Thursday that loosens restrictions on Venezuela's oil sector, permitting established American firms to conduct specific operations involving the nation's crude oil.
The authorization greenlight "lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil, including the refining of such oil" within defined parameters.
A White House official clarified that upstream production activities within Venezuelan territory fall outside the license's scope. Currently, only Chevron Corp. maintains operations there through separate U.S. authorization, media reported.
The license mandates that agreements with Venezuela's government or state oil enterprise Petroleos de Venezuela must adhere to American legal frameworks, with dispute resolution required to occur on U.S. soil.
Per the U.S. Treasury Department, the authorization prohibits debt-for-equity arrangements and cryptocurrency-based transactions. It also blocks dealings with Russia, Iran, Cuba, and the Democratic People's Republic of Korea, alongside sanctioned vessels and China-linked entities.
The development coincided with Venezuela approving hydrocarbon law amendments Thursday designed to expand private sector involvement in its petroleum industry.
U.S. President Donald Trump emphasized Thursday that the license serves mutual interests. "Venezuela will actually make for themselves more money than they've ever made before, and that's a good thing," Trump said at a meeting of his Cabinet on Thursday.
In a stunning operation in Caracas on Jan. 3, American military forces apprehended Venezuelan President Nicolas Maduro and his spouse, transporting them to New York for prosecution on narcotics-related allegations.
Trump has repeatedly stated in recent weeks that Washington plans to maintain indefinite oversight of Venezuela's petroleum sales and revenue streams.
The authorization greenlight "lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil, including the refining of such oil" within defined parameters.
A White House official clarified that upstream production activities within Venezuelan territory fall outside the license's scope. Currently, only Chevron Corp. maintains operations there through separate U.S. authorization, media reported.
The license mandates that agreements with Venezuela's government or state oil enterprise Petroleos de Venezuela must adhere to American legal frameworks, with dispute resolution required to occur on U.S. soil.
Per the U.S. Treasury Department, the authorization prohibits debt-for-equity arrangements and cryptocurrency-based transactions. It also blocks dealings with Russia, Iran, Cuba, and the Democratic People's Republic of Korea, alongside sanctioned vessels and China-linked entities.
The development coincided with Venezuela approving hydrocarbon law amendments Thursday designed to expand private sector involvement in its petroleum industry.
U.S. President Donald Trump emphasized Thursday that the license serves mutual interests. "Venezuela will actually make for themselves more money than they've ever made before, and that's a good thing," Trump said at a meeting of his Cabinet on Thursday.
In a stunning operation in Caracas on Jan. 3, American military forces apprehended Venezuelan President Nicolas Maduro and his spouse, transporting them to New York for prosecution on narcotics-related allegations.
Trump has repeatedly stated in recent weeks that Washington plans to maintain indefinite oversight of Venezuela's petroleum sales and revenue streams.
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