US OFAC extends General License for essential Venezuela operations.

The US Department of the Treasury's Office of Foreign Assets extended General License 8N, related to Venezuela Sanctions Regulations, until November 15, 2024. This authorizes transactions and activities for limited maintenance of essential operations, contracts, or agreements involving Petróleos de Venezuela, S.A. (PdVSA) or any entity with a 50% or greater interest in PdVSA. The move allows foreign oil companies with existing operations in Venezuela to secure US licenses, especially Halliburton, Schlumberger, Baker Hughes, and Weatherford International, ahead of a May 31 deadline.

10 months ago
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